ANNUAL REPORT 2018 年報...Hong Kong Branch was formally merged with ICBC (Asia). In 2005, ICBC (Asia) acquired Chinese Mercantile Bank which In 2005, ICBC (Asia) acquired Chinese

2018 年報ANNUAL REPORT

跨境金融首選銀行

Profile of ICBC (Asia)

Corporate Information

Financial Performance

Chairman’s Statement

Management’s Discussion and Analysis

Biographical Details of Directors & Senior Management

Report of the Directors

Corporate Governance Report

Independent Auditor’s Report

Consolidated Income Statement

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to the Financial Statements

Supplementary Financial Information

Branches, Subsidiaries and Associates

工銀亞洲簡介

公司資料

財務概況

主席致辭

管理層討論與分析

董事及高層管理人員簡歷

董事會報告

企業管治報告

獨立核數師報告書

綜合收益表

綜合全面收益表

綜合財務狀況表

綜合權益變動表

綜合現金流量表

財務報表附註

附加財務資料

分行、附屬及聯營公司

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目錄 C ON T E N T S

02

中國工商銀行（亞洲）有限公司二零一八年年報Industrial and Commercial Bank of China (Asia) Limited Annual Report 2018

工銀亞洲簡介

中國工商銀行（亞洲）有限公司（「工銀亞洲」或「本行」）是一家在香港註冊成立的持牌銀行，為目前全中國最大商業銀行–中國工商銀行股份有限公司（「中國工商銀行」）在境外的業務旗艦。業務範圍包括商業銀行、投資銀行及證券、保險、基金等綜合金融服務，經營重點為企業銀行、零售銀行及金融市場等業務。

工銀亞洲前身為香港友聯銀行有限公司，於一九六四年在香港成立，並於一九七三年在香港公開上市，多年來不斷為客戶開創嶄新及多元化的銀行服務。本銀行成為中國工商銀行集團成員後，於二零零零年八月二十一日易名為中國工商銀行（亞洲）有限公司。

於二零零一年七月，中國工商銀行向工銀亞洲注入香港分行企業銀行業務，促使工銀亞洲的客戶基礎擴大、改善存款及貸款組合及使服務產品組合更趨多元化。透過此業務轉移，大大提升工銀亞洲的競爭力。

於二零零四年四月三十日，工銀亞洲購入華比富通銀行之零售及商業銀行業務。華比富通銀行隨後易名為華比銀行，成為工銀亞洲的全資附屬公司。至二零零五年十月，工銀亞洲正式將華比銀行香港分行併入。於二零零五年，工銀亞洲收購華商銀行為全資附屬公司，重點發展中國內地人民幣業務。

於二零零八年八月三十一日，工銀亞洲完成收購和昇投資管理有限公司，並將其易名為工銀亞洲投資管理有限公司（於二零一七年十月正式更名為工銀資管（全球）有限公司）。作為工銀亞洲的全資附屬公司，工銀資管（全球）有限公司專注於中國工商銀行集團全球資產管理業務。

於二零一零年十二月二十一日，中國工商銀行完成對工銀亞洲的私有化程序，工銀亞洲亦隨即從香港聯合交易所退市，成為中國工商銀行集團的全資附屬公司。私有化的完成為工銀亞洲提供了更為廣闊的融資空間，使工銀亞洲更能靈活地獲取中國工商銀行的支持，在集團內實現更有效的業務聯動與整合。

工銀亞洲在完成私有化程序後，發展步伐不斷加快，在持續提升盈利能力、不斷增強創新理念及加大重視風險管控等多方驅動力下，實現了客戶基礎日漸擴大，多業務穩步齊升、資產規模及結構不斷擴大和優化的良好勢頭。

工銀亞洲一直堅持「立足香港，聯通內地，輻射亞太，面向全球」的戰略，充分發揮香港作為離岸人民幣中心的市場機遇，積極拓展全面的人民幣業務及跨境銀行服務，並在離岸人民幣金融產品領域中實現多項創舉，多次獲頒涉及不同業務範疇的優質跨境金融相關獎項，其中包括「最佳中資銀行」、「卓越跨境銀行服務品牌」及「最佳交易」等。

03

二零一八年年報中國工商銀行（亞洲）有限公司Annual Report 2018 Industrial and Commercial Bank of China (Asia) Limited

Profile of ICBC (Asia)

Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)” or the “Bank”) is a licensed bank incorporated in Hong Kong. It is the flagship of overseas business of Industrial and Commercial Bank of China Limited (“ICBC”) – currently the largest commercial bank in China. It is engaged in commercial banking, investment banking and other financial services, including those of securities, insurance and funds, with a focus on commercial and retail banking as well as global market business.

ICBC (Asia), formerly known as Union Bank of Hong Kong Limited, was established in Hong Kong in 1964 and publicly listed in 1973. Over the years, the Bank offered advanced and diversified banking services to its customers. The Bank changed its name to “Industrial and Commercial Bank of China (Asia) Limited” on 21 August 2000 following its becoming a member of ICBC Group.

In July 2001, ICBC injected the corporate banking business of its Hong Kong Branch into ICBC (Asia). It expanded the customer base of ICBC (Asia), improved its deposits and loans portfolio and also diversified its product mix. Such transfer of business therefore led to a substantial enhancement of the competitive edge of ICBC (Asia).

ICBC (Asia) acquired Fortis Bank Asia HK’s retail and commercial banking operations on 30 April 2004. Fortis Bank Asia HK was then renamed to Belgian Bank and became a wholly-owned subsidiary of ICBC (Asia). In October 2005, Belgian Bank, Hong Kong Branch was formally merged with ICBC (Asia). In 2005, ICBC (Asia) acquired Chinese Mercantile Bank which becomes its wholly-owned subsidiary and focuses on RMB banking business in Mainland China.

On 31 August 2008, ICBC (Asia) completed the acquisition of Worldsec Asset Management Limited and renamed it to ICBC (Asia) Investment Management Company Limited (officially changed the name to ICBC Asset Management (Global) Company Limited in October 2017). Being a wholly-owned subsidiary of ICBC (Asia), ICBC Asset Management (Global) Company Limited specialized in ICBC’s global asset management business.

On 21 December 2010, ICBC completed its privatisation process of ICBC (Asia), which was henceforth withdrawn from listing on The Stock Exchange of Hong Kong Limited and became a wholly-owned subsidiary of ICBC. The completion of privatisation thus provides ICBC (Asia) with broader access to finance, allows greater flexibility in obtaining the support of ICBC and achieving more effective business connection and integration within the ICBC Group.

Upon the completion of the privatisation process, ICBC (Asia) accelerates its pace of development. Benefited from its continuous enhancing profitability, innovation, risk management and control effectiveness and other driven forces, ICBC (Asia) achieves a good momentum of steady growth in the client base and business development, resulting in continued expanding of its total asset size and optimization of its asset structure.

By persisting in the business strategy of “Taking root in Hong Kong, Connecting with mainland China, Spanning across Asia Pacific, Facing the World”, ICBC (Asia) seizes the favourable opportunities of Hong Kong being the offshore Renminbi centre and keenly explores Renminbi businesses and cross-border banking services. ICBC (Asia) realized a number of pioneering projects in offshore Renminbi financial products, and was received various awards regarding quality cross-border services, such as “Best Bank in Hong Kong (Chinese Financial Institutions)”,“Excellent Brand of Cross-border Banking Services” and “Best Deal”, etc.

04


公司資料截至2019年3月26日止

董事會高明（主席兼執行董事）武龍（副主席、執行董事兼行政總裁）王于漸，S.B.S.，太平紳士（副主席、獨立非執行董事）盧建（執行董事、副行政總裁兼替任行政總裁）席德應（非執行董事）洪貴路（非執行董事）尚軍（非執行董事）徐耀華（獨立非執行董事）袁金浩，FHKIoD（獨立非執行董事）武捷思（獨立非執行董事）柯清輝，S.B.S.，太平紳士（獨立非執行董事）

公司秘書于洪

審核委員會柯清輝，S.B.S.，太平紳士*（主席）席德應（替任主席）洪貴路王于漸，S.B.S.，太平紳士*徐耀華*

戰略與企業管治委員會高明（主席）武龍洪貴路王于漸，S.B.S.，太平紳士*袁金浩，FHKIoD*武捷思*柯清輝，S.B.S.，太平紳士*

董事會風險管理委員會徐耀華*（主席）尚軍（替任主席）武龍盧建袁金浩，FHKIoD*武捷思*柯清輝，S.B.S.，太平紳士*

薪酬委員會袁金浩，FHKIoD*（主席）尚軍徐耀華*

提名委員會武捷思*（主席）席德應王于漸，S.B.S.，太平紳士*

高層管理人員高明（主席兼執行董事）武龍（副主席、執行董事兼行政總裁）盧建（執行董事、副行政總裁兼替任行政總裁）梁銘謙（副行政總裁兼替任行政總裁）唐希強（副行政總裁）許蒙（副行政總裁兼首席風險官）顧旋（副行政總裁）王超明（副行政總裁兼首席信息官）李冬（副行政總裁）陳銀彬（副行政總裁）

審計師畢馬威會計師事務所香港中環遮打道10號太子大廈八樓電話：(852)2522 6022圖文傳真：(852) 2845 2588

註冊辦事處香港中環花園道三號中國工商銀行大廈三十三樓電話：(852) 3510 8888圖文傳真：(852) 2805 1166郵箱：香港郵政總局信箱872號環球銀行金融電信：UBHKHKHH

本年報可於http://www.icbcasia.com下載

* 獨立非執行董事

05


Corporate InformationAs at 26 March 2019

BOARD OF DIRECTORSGao Ming

(Chairman & Executive Director)Wu Long

(Vice-Chairman, Executive Director & Chief Executive Officer)

Wong Yue Chim, Richard, S.B.S., J.P. (Vice-Chairman, Independent Non-executive Director)

Lu Jian (Executive Director, Deputy Chief Executive & Alternate Chief Executive)

Xi Deying (Non-executive Director)Hong Guilu (Non-executive Director)Shang Jun (Non-executive Director)Tsui Yiu Wa, Alec (Independent Non-executive

Director)Yuen Kam Ho, George, FHKIoD

(Independent Non-executive Director)Wu Jie Si (Independent Non-executive Director)Or Ching Fai, S.B.S., J.P. (Independent Non-executive

Director)

COMPANY SECRETARYYu Hong

AUDIT COMMITTEEOr Ching Fai, S.B.S., J.P.* (Chairman)Xi Deying (Alternate Chairman)Hong GuiluWong Yue Chim, Richard, S.B.S., J.P.*Tsui Yiu Wa, Alec*

STRATEGY AND CORPORATE GOVERNANCE COMMITTEEGao Ming (Chairman)Wu LongHong GuiluWong Yue Chim, Richard, S.B.S., J.P.*Yuen Kam Ho, George, FHKIoD*Wu Jie Si*Or Ching Fai, S.B.S., J.P.*

RISK MANAGEMENT COMMITTEE OF BOARD OF DIRECTORSTsui Yiu Wa, Alec* (Chairman)Shang Jun (Alternate Chairman)Wu LongLu JianYuen Kam Ho, George, FHKIoD*Wu Jie Si*Or Ching Fai, S.B.S., J.P.*

REMUNERATION COMMITTEEYuen Kam Ho, George, FHKIoD* (Chairman)Shang JunTsui Yiu Wa, Alec*

NOMINATION COMMITTEEWu Jie Si* (Chairman)Xi DeyingWong Yue Chim, Richard, S.B.S., J.P.*

SENIOR MANAGEMENTGao Ming

(Chairman & Executive Director)Wu Long

(Vice-Chairman, Executive Director & Chief Executive Officer)Lu Jian

(Executive Director, Deputy Chief Executive & Alternate Chief Executive)

Leung Ming Hym, Peter (Deputy Chief Executive & Alternate Chief Executive)

Tong Hee Keung, Samuel (Deputy Chief Executive)Xu Meng (Deputy Chief Executive & Chief Risk Officer)Gu Xuan (Deputy Chief Executive)Wang Chaoming

(Deputy Chief Executive & Chief Information Officer)Li Dong (Deputy Chief Executive)Chen Yinbin (Deputy Chief Executive)

AUDITORSKPMG8th Floor, Prince’s Building 10 Chater RoadCentral, Hong KongTelephone: (852)2522 6022Facsimile: (852)2845 2588

REGISTERED OFFICE33/F., ICBC Tower3 Garden Road, Central, Hong Kong Telephone: (852)3510 8888Facsimile: (852)2805 1166Post Box: GPO Box 872 SWIFT: UBHKHKHH

This Annual Report can be accessed through the internet at: http://www.icbcasia.com

* Independent Non-executive Director

06


財務概況Financial Performance

財務摘要 Financial Highlights重列

Restated 變動百分比全年（百萬港元） For the Year (in HK$ million) 2018 2017 % Change

淨利息收入 Net Interest Income 11,625 10,052 15.7%淨收費及佣金收入 Net Fee and Commission Income 2,396 2,376 0.8%其他營業收入 Other Operating Income 716 208 244.2%營業支出 Operating Expenses 3,454 3,064 12.7%金融資產之減值損失淨額 Net Impairment Losses on Financial Assets (1,229) (580) 111.9%除稅前盈利 Profit before Tax 10,392 9,481 9.6%稅項 Tax 2,113 1,713 23.4%股東應佔盈利 Profit Attributable to Shareholders 8,278 7,767 6.6%

變動百分比於年結日（百萬港元） At Year End (in HK$ million) 2018 2017 % Change

貸款及其他帳項 Advances and other accounts 475,789 459,830 3.5%資產總值 Total Assets 893,618 898,109 -0.5%存款總額 Total Deposits 558,480 587,352 -4.9%權益總額 Total Equity 117,317 91,686 28.0%

財務比率 Financial Ratios 2018 2017

資本充足比率 Capital Adequacy Ratio 19.75% 16.57%平均流動性覆蓋比率 Average Liquidity Coverage Ratio 166.47% 134.83%成本對收入比率 Cost to Income 23.44% 24.25%

未扣除減值損失之營業溢利Operating Profit Before Impairment Losses

股東應佔溢利Profit Attributable to Shareholders

百萬港元HK$ million


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

2018 2017 2016 2015 2014

+21%7,902

+18%11,283

-0.5%9,571

+10%9,619 +11%

8,776

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2018 2017 2016 2015 2014

+9%7,395

+5%7,767

+7%8,278

+16%6,784 +21%

6,370

07



五年財務概況 Five Year Summary重列重列

Restated Restated全年（百萬港元) For the Year (in HK$ million) 2018 2017 2016 2015 2014

淨利息收入 Net Interest Income 11,625 10,052 9,143 8,517 8,072 淨收費及佣金收入 Net Fee and Commission Income 2,396 2,376 2,156 1,836 1,694 其他營業收入 Other Operating Income 716 208 1,111 1,123 687 營業支出 Operating Expenses 3,454 3,064 2,791 2,700 2,551金融資產之減值損失淨額 Net Impairment Losses on Financial Assets (1,229) (580) (812) (1,175) (82)除稅前盈利 Profit before Tax 10,392 9,481 9,069 8,392 7,992 稅項 Tax 2,113 1,713 1,673 1,608 1,622 股東應佔盈利 Profit Attributable to Shareholders 8,278 7,767 7,395 6,784 6,370

每股計（港元） Per Share (in HK$) 2018 2017 2016 2015 2014

每股基本盈利 Basic Earnings per Share 3.21 3.01 2.87 3.10 3.09

於年結日（百萬港元） At Year End (in HK$ million) 2018 2017 2016 2015 2014

貸款及其他帳項 Advances and other accounts 475,789 459,830 419,655 385,734 364,298 資產總額 Total Assets 893,618 898,109 798,675 733,551 680,619 存款總額 Total Deposits 558,480 587,352 465,141 466,676 463,553 權益總額 Total Equity 117,317 91,686 83,886 70,337 51,525

財務比率 Financial Ratios 2018 2017 2016 2015 2014

資本充足比率 Capital Adequacy Ratio 19.75% 16.57% 17.01% 16.74% 16.11%全年平均流動資金比率 Average Liquidity Ratio for the Year N/A N/A N/A N/A 44.92%平均流動性覆盖比率 Average Liquidity Coverage Ratio 166.47% 134.83% 128.80% 93.97% N/A貸款對資產總額比率 Loans to Total Assets 53.24% 51.20% 52.54% 52.58% 53.95%減值貸款比率 Impaired Loan ratio 0.81% 0.66% 0.74% 0.65% 0.41%非信貸不良預期信用損失準備覆蓋率*

Non credit-impaired ECL Coverage Ratio* 1.13% 1.27% 1.41% 1.55% 1.55%

成本對收入比率 Cost to Income 23.44% 24.25% 22.49% 23.53% 24.40%平均資產回報率 Return on Average Assets 0.90% 0.96% 1.01% 1.02% 1.02%平均普通股本回報率 Return on Average Common Equity 9.56% 9.72% 9.82% 11.83% 13.27%

* 包括「法定儲備」 * Including “Regulatory Reserve”

資產總額Total Assets

存款總額Total Deposits



0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

2018 2017 2016 2015 2014

+9%798,675

+12%898,109

-0.5%893,618

+17%733,551 +19%

680,619

0

100,000

200,000

300,000

400,000

500,000

600,000

2018 2017 2016 2015 2014

+21%463,553

0%465,141

26%587,352-5%

558,480

0%466,676

08



客戶存款 Customer Deposits

1. 按類別劃分 1. By Type 2018 2017

活期 Current 8.2% 9.8%儲蓄 Savings 17.1% 23.7%定期 Fixed 74.7% 66.5%合計 Total 100.0% 100.0%

2. 按剩餘到期日劃分 2. By Remaining Maturity 2018 2017

須於要求時即時償還 Repayable on Demand 26.2% 34.1%三個月或以下 Three Months or Less 27.2% 39.5%一年或以下但超過三個月 One Year or Less, but Over Three Months 21.0% 22.7%五年或以下但超過一年 Five Years or Less, but Over One Year 23.6% 3.7%超過五年 Over Five Years 2.0% 0.0%合計 Total 100.0% 100.0%

3. 按貨幣劃分 3. By Currency 2018 2017

港元 HKD 42.2% 38.8%美元 USD 37.2% 34.3%其他 Others 20.6% 26.9%合計 Total 100.0% 100.0%

其他營業收入 Other Operating Income 2018 2017

淨交易收入及以公平價值經損益表入賬金融資產及負債之淨虧損

Net trading income and net loss on financial assets and liabilities at fair value through profit or loss

62.1% 70.9%來自金融投資之股息收入 Dividend income from financial investments 1.2% 3.9%管理費收入 Management fee income 34.6% 19.3%物業租金收入 Rental income 0.0% 0.1%投資物業租金收入 Rental income from investment properties 0.4% 1.5%其他 Others 1.7% 4.3%合計 Total 100.0% 100.0%

貸款總額及其他帳項Total Advances and Other Accounts

減值貸款比率Impaired Loan Ratio


百分比%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

2018 2017 2016 2015 2014

+9%419,655

+10%459,830

+3%475,789

+13%364,298

+6%385,734

0.0

0.5

1.0

2018 2017 2016 2015 2014

0.65%

0.74%0.81%

0.66%

0.41%

09



貸款組合 Loan Portfolio

1. 按行業劃分* 1. By Industry Sectors * 2018 2017

在香港使用之貸款 Loans for Use in Hong Kong工商及金融 Industry, Commercial and Financial物業發展 Property Development 8.2% 6.7%物業投資 Property Investment 6.4% 6.4%金融企業 Financial Concerns 9.3% 8.3%股票經紀 Stockbrokers 0.9% 0.8%批發及零售業 Wholesale and Retail Trade 3.0% 3.7%土木工程 Civil Engineering Works 0.4% 0.3%製造業 Manufacturing 1.8% 1.9%運輸及運輸設備 Transport and Transport Equipment 5.7% 5.6%電力、煤氣 Electricity and Gas 0.2% 0.8%資訊科技 Information Technology 0.9% 1.1%酒店、住宿及飲食 Hotels, Boarding House and Catering 0.4% 0.3%娛樂活動 Recreational Activities 0.0% 0.0%其他 Others 7.3% 7.3%

個人 Individuals購買「居者有其屋計劃」、「私人參建居屋計劃」及「租者置其屋計劃」樓宇之貸款

Loans for the purchases of flats in Home Ownership Scheme, Private Sector Participation Scheme and Tenants Purchase Schemes

0.1% 0.1%購買其他住宅物業之貸款 Loans for the purchase of Other Residential Properties 8.8% 7.3%信用卡貸款 Credit Card Advances 0.1% 0.1%其他 Others 3.0% 2.0%貿易融資 Trade Finance 3.2% 3.1%在香港以外使用之貸款 Loans for Use outside Hong Kong 40.3% 44.2%

合計 Total 100.0% 100.0%

2. 按剩餘到期日劃分 2. By Remaining Maturity 2018 2017

須於要求時即時償還 Repayable on Demand 2.3% 1.6%一年或以下 One Year or Less 30.5% 35.0%五年或以下但超過一年 Five Years or Less, but Over One Year 43.2% 41.6%超過五年 Over Five Years 24.0% 21.8%並無限期 Undated 0.0% 0.0%合計 Total 100.0% 100.0%

3. 按貨幣劃分 3. By Currency 2018 2017

港元 HKD 47.0% 40.7%美元 USD 24.0% 29.5%其他 Others 29.0% 29.8%合計 Total 100.0% 100.0%

* 不包括商業票據及銀行同業 * Excluding Trade Bills and Advances to Banks

收入組合二零一八年Income Composition 2018

個人 – 其他3.1% Individuals – Others 淨收費及佣金收入

Net Fee andCommission 16%

貿易融資3.2% Trade Finance

個人 – 住宅按揭Individuals –Residential Mortgage 8.9%

外滙交易及其他收入5% Foreign Exchange and

Other Income

工商及金融業Industrial, Commercial &Financial 29.9%

物業發展及其他物業投資Property Development &Other PropertyInvestment 14.6%

淨利息收入Net Interest Income 79%

香港以外使用之貸款

Loans for use outside40.3% Hong Kong

貸款組合二零一八年Loans Composition 2018

10


主席致辭

二零一八年，面對美聯儲持續加息、中美貿易摩擦、全球經濟增長趨緩、市場波動加劇等複雜經營環境，工銀亞洲以「發展」、「轉型」及「風控」為主線，全面依照工銀集團戰略指引與本行三年發展規劃要求，積極把握市場機遇，持續推進轉型升級，不斷提升風控與運營能力，保持了穩健經營和平穩增長態勢。

在業務拓展過程中，本行始終將「以客戶為中心」作為核心經營觀，加大目標市場拓展，優化服務體驗，努力為客戶創造價值，客戶基礎得以不斷夯實；積極推動轉型創新，高度重視藍海市場，努力尋求新的業務增長點，全行在有效控制資產規模增長的同時，實現了業務結構的持續優化。2018年末，本行總資產8,936億港元，當中零售資產佔比不斷上升；各項貸款4,758億港元，較上年末增加160億港元；客戶存款5,335億港元，較上年末增加372億港元；全年實現稅後淨利潤82.78億港元，較上年增加5.11億港元。

公司業務方面，秉持服務實體經濟的宗旨，積極拓展與本地大型客戶的合作、不斷優化中小企業客戶服務，並充分發揮跨境金融優勢，緊握大灣區、一帶一路、香港財資中心建設等政策機遇，加大對「走出去」企業的支持力度；以銀團貸款為著力點，加大優質資產項目投放，服務龍頭企業融資需求；發揮商投聯動優勢，完成多項大型優先股牽頭承銷、首次境外綠色債券承銷等重大項目；推進交易銀行戰略，圍繞客戶交易行為，推廣行業服務方案，做好綜合營銷，努力提高客戶黏性與合作水平，有力推動了貿易融資業務的迅速發展。

零售業務方面，深入推動零售條線體制機制改革，聚焦優質細分市場，提升我行零售業務市場影響力；全面優化零售政策和業務流程，大力發展按揭貸款、個人消費貸款、財富管理等重點業務，推出宇宙星座卡、LINE FRIENDS信用卡、「活期寶」、「增利寶」等特色產品，零售客戶數及資產規模穩步提升；加快分行產能提升和服務改進，推進網點佈局及形象優化，網點平均盈利能力顯著提高。

金融市場業務方面，克服加息和利差波動等不利影響，動態調整資產配置，保持投資組合規模平穩並實現收益率提升；發揮作為工銀集團亞洲時段集中交易中心的功能優勢，努力提升交易與做市能力，離岸人民幣業務交易量實現大幅增長；強化金融市場交易系統建設，新增37個「一帶一路」幣種，有效提升系統穩定性和業務支持力度。

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主席致辭

資產管理業務方面，持續優化完善子行「工銀資管（全球）」管理體系，打造工銀集團全球資產管理業務的統一運營平台；發揮「工銀資管（全球）」平台優勢，完善資管產品和渠道佈局，強化研發和風控，眾多產品在市場中名列前茅；上線全球領先的託管系統，實現多項託管首創業務開辦落地，年內資管業務規模和收入均大幅提升，並榮膺債券通優秀託管機構。

互聯網金融方面，充分利用相關有利的政策機遇，擁抱金融科技浪潮，投產FPS快速支付系統、智能客服、智能終端、獨立手機證券APP等服務，打造互聯網金融拳頭產品，榮獲「資本卓越手機銀行服務大獎」；研發投產開戶流程優化、見證開戶系統優化、預約開戶等功能，進一步改善客戶服務體驗；積極開拓線上營銷與商業合作模式，電子銀行滲透率和市場知名度進一步提高。

區域一體化發展方面，緊握大灣區一體化發展的市場機遇，切實履行工銀集團大灣區境外機構牽頭行職能，充分利用好子公司華商銀行的平台作用，統籌加快大灣區業務拓展；同時，積極把握「一帶一路」市場機遇，依託工銀集團「亞太區銀團貸款中心」成立契機，緊密聯動工銀集團區內各兄弟機構，大力拓展內地和香港走出去的優秀企業以及當地龍頭企業，區域一體化營銷範圍擴大至16個國家和地區，年內獲得《亞洲貨幣》年度「一帶一路」最佳中資銀行大獎。

在積極開拓市場、轉型攻堅發展的同時，本行始終把風險管控與管理提升放在突出位置。二零一八年，本行被香港金融管理局列為具本地系統重要性銀行(D-SIB)。以此為契機，本行推行了一系列資本、風控、流動性等優化提升項目，推動各項指標達到更高標準；高度重視新形勢下的全面風險防控，實施信貸資產質量和信貸基礎管理工程，保持資產質量總體穩定；加大反洗錢資源投入，系統推進反洗錢能力建設；持續完善內控合規管理機制，打造具有工銀亞洲特色的合規文化，確保本行合規經營、行以致遠。

12


主席致辭

展望二零一九年，全球經濟形勢穩中有變，銀行業面臨的環境更複雜、不確定因素更多。但與此同時，變局中也蘊藏機遇，特區政府推出一系列經濟促進政策、《大灣區發展規劃綱要》正式出台、「一帶一路」沿線市場前景向好，為銀行發展帶來充足動力。本行將積極應對形勢變化，努力把握戰略機遇，進一步推動轉型創新；堅持背靠中國內地廣闊市場和工銀集團優勢資源，深耕本地業務，並積極輻射大灣區、亞太區市場；堅持以客戶為中心，提供多元化、綜合化的金融服務，推動工銀亞洲發展更上新台階；堅持強本固基、加強合規能力建設與重點風險防控，推動各項經營穩中求進、可持續發展。

過去的一年，得益於母行和董事會的正確引領、管理層的盡職付出和全體員工的高效工作，本行在複雜多變的經營形勢下取得了來之不易的優良業績，本人在此謹致謝忱。同時，謹代表本行，對廣大客戶的信任支持以及社會各界的鼎力幫助，表示由衷的感謝！

高明主席

二零一九年三月二十六日

13



財務回顧

本集團於二零一八年錄得破紀錄新高的除稅後溢利82.78億港元，較去年增長5.11億港元。

由於計息資產的增長強勁，工銀亞洲的淨利息收入增加15.74億港元至116.25億港元，增幅達16%。收費及佣金收入淨額增加0.20億港元至23.96億港元，增幅1%。非利息收入與總營業收入的比率為21.1%。

總營業支出較去年增加13%。成本對收入比率由二零一七年的24.2%微減至二零一八年的23.4%。

扣除減值損失之營業溢利為100.55億港元，較二零一七年增加10.63億港元或12%。

本集團出售投資證券錄得淨盈利3.29億港元，而二零一七年則為4.70億港元。

應佔聯營公司溢利由二零一七年的0.22億港元下降至本年度的0.12億港元。

財務狀況表

於二零一八年十二月三十一日，工銀亞洲的資產總額達8,936億港元，較上年度年結日的水平減少45億港元，減幅為1%。

貸款及客戶存款分別達4,758億港元及5,335億港元，較二零一七年十二月三十一日的水平分別增加3%及7%。

於二零一八年十二月三十一日，已發行存款證總額為249億港元，較二零一七年十二月三十一日減少73%。

資本及流動資金管理

本銀行於二零一八年年底的資本充足率為19.75%（二零一七年年底：16.57%）。二零一八年度的平均流動資金覆蓋比率為166.5%（二零一七年年度的平均數：134.8%）。

資產質素

根據本銀行的審慎風險管理政策，資產質素繼續維持在令人滿意的水平。於二零一八年度年結時，減值貸款為38.96億港元，減值貸款比率較二零一七年度上升15個基點至0.81%。

於二零一八年十二月三十一日，就以攤銷成本計量貸款所作累計貸款減值準備合共為50.76億港元（二零一七年：43.97億港元），當中包括21.29億港元（二零一七年：21.08億港元）減值信用風險之減值準備及29.47億港元（二零一七年：22.89億港元）非減值信用風險之減值準備。減值準備增加主要是由於貸款組合增加所致。

於二零一八年十二月三十一日，逾期貸款總額較上年度年結日的水平增加7.38億港元至34.63億港元。

14



業務回顧

公司金融

回顧年內，本行在波動市况下積極探尋市場機遇，在業務發展、產品創新及市場拓展等方面均獲得理想表現。業務發展方面，成功牽頭籌組各類規模巨大、市場反響熱烈的重大銀團貸款，全面提升投融資業務競爭力，並在市場環境較波動情况下多次成功為客戶逆市發行債券，並獲超額認購，切實加强銀企合作，鞏固銀企關係。

產品創新方面，本行深入把握客戶的多種業務需求，創新業務模式，為客戶提供針對性的金融產品及服務方案。市場拓展方面，本行成功於年內舉辦以「携手共進創享未來」為主題的「一帶一路」跨境金融論壇，邀請境內外多家優質企業在港共同探討海外財資中心建設發展及海外資本市場，共創「走出去」業務契機。

工銀集團於二零一八年四月在工銀亞洲成立「亞太區銀團貸款中心」（簡稱「亞太中心」），由工銀亞洲統籌及推動中國工商銀行集團亞太地區資源，把握「一帶一路」建設的機遇，進一步加快集團跨境金融業務發展步伐。年內，本行圍繞重點客戶、重大項目和重點業務，積極聯動集團內相關機構，為客戶提供全方位、綜合化的跨境金融服務和業務解決方案，不斷提升工銀集團在核心和重點市場的影響力。

目前，本行已與工銀集團亞太區內各機構建立日常聯繫和業務溝通機制，跟蹤四十餘個重大項目，實現與十多家工銀集團境外機構、總行相關業務負責部門及一家政策性銀行合作，成功完成十筆銀團業務，實現工銀集團承貸總金額逾一百億港元，幣種涉及美元、英鎊、澳元、紐西蘭元等，業務範圍覆蓋香港、馬來西亞、澳大利亞、英國、新加坡、緬甸、柬埔寨、印尼、菲律賓、紐西蘭、泰國等十一個國家╱地區，企業類型包括中資、港資「走出去」企業，「一帶一路」、「互聯互通」項目以及亞太區國家和地區的龍頭企業。本行通過亞太中心實現了「一帶一路」業務的跨越式發展，形成了「立足香港，聯通內地，輻射亞太，面向全球」的廣闊業務發展格局。

二零一八年，本行參與的「一帶一路」大型跨國融資項目，成績得到社會業界的高度肯定；在《亞洲貨幣》舉辦的二零一八年「新絲綢之路」金融獎項中，工銀亞洲獲得二零一八年度「一帶一路」最佳中資銀行大獎（東南亞地區），以表彰本行於東南亞積極推動「一帶一路」相關項目的貢獻與努力。

15



展望二零一九年，本行將繼續堅持以「立足香港，聯通內地，輻射亞太，面向全球」的戰略推動商業銀行業務發展。在深挖客戶需求、夯實貸款業務的同時，本行將積極應用綜合服務理念及業務聯動優勢，以「為客戶創造價值」為導向，為客戶提供更優的一體化金融服務方案，推動商業銀行業務的持續穩健發展。

零售業務

二零一八年，本行零售業務保持快速增長，客戶規模不斷擴大，結構持續優化。存款、貸款、投資及財資產品業務均錄得理想增長，擁有高資產的優質客戶比例更大幅增加。

存款基礎穩紥 — 以「活期寶」及「增利寶」為重點產品積極吸納低息存款，年內亦多次推出優惠活動以吸納新資金，廣受客戶歡迎，並獲得業界廣泛認可：分別獲得由經濟日報集團屬下的《晴報》頒發「傑出存款服務大獎」，及新城財經台頒發「卓越存款服務品牌」獎項。

貸款規模持續增長 — 除傳統按揭及中小企貸款外，保單融資產品成為新業務增長點，創下新高紀錄。同時，本行亦不斷優化抵押貸款產品，以基金及股票為押品之綜合融資計劃已於年內推出，可備用信貸金額更高達押品市值的10倍，客戶只需將已認購的基金或╱及股票存放於指定的投資賬戶內，信貸額便可因應押品市值及質押率自動調整，令客戶理財更有彈性。

財富管理業務方面，本行已於年內與富衛人壽達成夥伴合作協議，豐富保險產品類別，為客戶提供更全面的人壽保險產品，包括儲蓄保險、萬用壽險和醫療保障產品等，滿足客戶的儲蓄及保障需要。此外，本行全新推出的「智投基金導航網上基金服務平台」，方便客戶透過自助形式尋找更多有關基金資訊，實現網上資產配置，提升客戶體驗。

此外，本行亦著力迎合跨境客戶需求，跨境客戶規模持續擴大，客戶量及資產規模均穩步上揚，跨境業務錄得顯著增幅。年內，本行再度舉辦以「留學香江」為主題的跨境客戶訪港活動，為跨境客戶及其子女提供海外留學資訊及金融配套服務，活動反響熱烈，深受客戶歡迎。

證券及經紀方面，本行緊貼客戶需求，適時調整業務策略，積極拓展中高端客戶群，使證券及經紀業務於年內得以平穩發展。同時，緊握金融科技發展機遇，本行推出了「工銀證券」手機應用程式及投資雙重認證服務，為客戶提供更加高效、優質及安全的證券服務。

16



零售網絡方面，本行不斷優化分行網絡建設及自助銀行服務網點。截至二零一八年十二月三十一日，本行共設有56間零售網點及175部自動櫃員機，覆蓋人流密集地區。皇后大道中分行及德福分行亦於年內完成搬遷，通過全新裝潢為客戶帶來更舒適的環境，提升服務體驗。此外，配合大灣區發展策略，本行於廣深港高鐵新增西九龍站個人理財中心，為跨境客戶提供便捷金融服務。

展望二零一九年，本行將會繼續大力發展零售業務，積極研究及深挖市場潛力，加强利用金融科技及產品創新提供優質服務，滿足客戶需求，全面提升本行零售業務核心競爭力。

人民幣業務

順應人民幣國際化趨勢，依托工銀集團人民幣業務優勢，本行在各業務板塊應勢而變、創新求變，大力推動人民幣業務綜合發展。

金融市場業務方面，本行繼續保持離岸人民幣主要做市商地位，在湯森路透FXALL平台Taker端點擊成交模式下離岸人民幣交易量排名前列，並蟬聯香港交易所頒發「Key Business Partner in FIC Market」獎項，助力推動離岸人民幣期貨做市等領域向前發展。

貿易融資業務方面，本行深入推進與自貿區及大灣區內機構合作，實現在岸離岸資金盤活融通，利用地緣優勢打造特色產品，探索發展跨境人民幣貿易融資新模式。

互聯互通業務方面，本行憑藉於債券通業務的優異表現，在中國外匯交易中心與香港交易所主辦的債券通周年論壇中獲頒「債券通優秀託管機構」獎項；另外，於年內發布全新「工銀證券」應用程式，為客戶提供更便捷的網上證券服務，助力客戶把握投資機遇，進一步推進「滬深港通」業務。

清算業務方面，本行全面參與人民幣跨境支付系統CIPS建設，並積極配合香港金融管理局推出快速支付系統 FPS，成為首批全綫投產的參與機構，進一步提升離岸清算市場競爭力。

展望二零一九年，本行將持續積極推進跨境人民幣業務發展，促進香港與內地市場間的互聯互通，助力鞏固香港離岸人民幣中心地位及推動人民幣國際化進程。

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機構業務

二零一八年，面對較為複雜多變的市場環境，本行積極發揮自身產品及渠道優勢，使機構業務在客戶拓展、業務創新轉型、聯動發展和風險管理等領域均取得重大進展。

回顧年間，本行機構業務客戶基礎穩步發展，在拓展銀行和非銀金融客戶的同時，加大了與全球央行、主權機構客戶以及香港本地客戶的合作，客戶規模持續擴大，客戶結構不斷優化。本行立足市場需求，於年內大力推動機構業務產品的多元化發展，鞏固基礎產品發展的同時，成功推出了多項創新產品及業務，包括銀企互聯系統、全新貸款產品私募資本貸款、債券通質押融資功能及貿易融資轉賣業務等，在客戶群中得到廣泛的正面迴響。

本行積極完善機構業務職能，發揮作為工銀集團海外旗艦的優勢，使該業務成為本行與母行集團內機構聯動的統籌視窗，以加强本行與母行集團內各地區尤其是粵港澳大灣區內各機構的溝通合作。此外，本行透過加强機構客戶准入管理、規範內部操作環節及優化業務流程，不斷提升合規和風險管理水平。

二零一九年，本行將繼續留意經濟金融動向、緊貼客戶需求，持續拓展機構業務客戶基礎，同時加强集團內公私業務聯動，利用廣義的「交易銀行」發展理念，圍繞客戶的經營活動需求，為客戶提供全過程的一攬子綜合金融服務，重點推動與本地公營事業機構客戶的全面合作；進一步强化內外聯動，加强與位於大灣區內各機構的聯動機制建設。

金融市場業務

二零一八年，本行金融市場業務在全球經濟增速放緩、貿易摩擦陰霾積聚、地緣政治局勢不確定性上升的大環境下，有效控制風險，並積極在不利環境中創造機遇、拓展市場，收入和利潤繼續呈現穩健勢頭。

債券投資方面，年內美元利率顯著上升，本行投資組合大量到期，再投資收益率顯著提升；同時，本行動態調整債券配置節奏，控制投資組合久期，將風險長期維持在較低水平，並積極尋找人民幣等跨市場投資機會，顯著增加了組合利息收入。儘管市場信用利差發生較大幅度波動，但本行通過審慎的信用分析精選債券及靈活運用對沖策略，投資組合信用質量保持在優良水平。

代客交易方面，本行始終重視產品和渠道創新，於年內順利實現了擴大人民幣購售業務範圍、開發一帶一路幣種匯率及利率產品等目標，並獲得市場較高認可。此外，本行持續推進盈利結構及客戶結構轉型，零售及私人銀行條綫下的財資業務盈利貢獻度大幅提升。

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做市交易方面，本行不斷提升報價能力，包括離岸人民幣和港幣在內的本地貨幣的做市市場佔有率不斷提升，於主要交易渠道的交易量排名維持同業領先地位，並榮獲重要合作夥伴頒發的多個獎項，包括蟬聯港交所年度「固定收益及貨幣市場重要合作夥伴」（「Key Business Partner in FIC Market」）、路透社年度「外匯業務流程解決方案」（「TR FX Workflow Solutions」）及「電子平台外匯交易執行－中資銀行」（「E-FX Execution – Chinese Banks」）等。於年內，本行電子平台渠道做市覆蓋範圍持續擴大，在整體做市業務中比重亦穩步提升。

展望二零一九年，預計影響全球經濟的多項不明朗因素仍然存在，但本行金融市場業務亦看到不確定性中蘊藏的業務機會。本行將積極把握有望增長的客戶財富增值及套期保值需求，不懈提升自身核心競爭力，致力實現業務穩步增長。

資產管理

二零一八年，本行全資附屬子公司－工銀資管（全球）有限公司（「工銀資管（全球）」）繼續保持快速增長。截至二零一八年十二月三十一日，資產管理及顧問規模達1,217億港元，較二零一七年同期增長12%。

回顧年內，工銀資管（全球）在投資管理、產品佈局、業務聯動、系統建設和風險管理等方面都取得了顯著的成績。由工銀資管（全球）管理的基金和專戶產品取得了良好的投資業績，在彭博同類基金排名中名列前茅，並在投資洞見與委托平台（Insights & Mandate）評選的二零一八年度專業投資大獎中，囊括「年度超級新秀」、「最佳新興市場債券基金（3年）」、「最佳離岸人民幣債券基金（3年）」三項大獎；在私募股權投資方面，通過重點佈局教育、互聯網、消費升級、人工智能等具備發展潛力的行業，實現私募股權項目投資快速增長。產品綫拓展方面，工銀資管（全球）於年內推出了多項新產品，包括現金管理類基金、優先級抵押貸款基金、債券通基金、Pre-IPO基金等，進一步完善了核心產品框架；工銀資管（全球）於年內積極展開與母行工銀亞洲、工銀集團境內及海外機構的業務聯動，深挖拓寬業務渠道，組織面向重點客戶乃至工銀集團境內分行的產品培訓及業務推介，進一步擴大客戶基礎；推進資產管理核心業務系統升級，提升運營管理和監控能力；規範和完善產品創新和運營管理流程，加强風險管理和合規監控。

工銀資管（全球）於深圳設立的全資子公司－工銀亞投股權投資管理（深圳）有限公司（「工銀亞投（深圳）」）在年內完成首支私募股權投資母基金在中國證券投資基金業協會的備案工作，並發起設立首支QFLP基金。

展望二零一九年，工銀資管（全球）將加大資源投入，進一步提升投資管理水平，完善產品框架佈局，以中國概念、新經濟概念以及優質股權類項目為重點，著力發展多類別、跨市場的資產管理產品；加强渠道建設，利用自身跨境牌照優勢，以境內和境外投資者的跨境資產配置需求為導向，全面優化產品及服務質量，提升管理顧問規模和市場地位。

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全球資本融資

憑藉母行龐大的資金、客戶、網點網絡等資源優勢，本行有序推動各項傳統商業銀行業務，同時深入挖掘全球資本融資服務的發展潛力。本行的債券承銷、銀團貸款及信貸資產交易業務發展規模不斷壯大，在亞太地區資本市場發展進程中扮演重要角色。

二零一八年，本行債券承銷類業務延續良好發展態勢，繼續活躍於中資企業境外債券市場，為多家大型中央企業及地方國有企業完成首次境外債券發行；金融機構債券承銷業務量顯著增長；在綠色債、永續債、多年期及多幣種等債券發行品種上實現突破創新；於債券承銷業務中擔任全球協調人角色的比重維持在較高水平，項目及市場地位均得到顯著提升。年內，本行承銷本外幣債券、中期票據、存款證共計61筆，發行量合共達330億港幣，成為極具市場影響力的承銷行之一。

本行繼續深耕銀團貸款業務，年內銀團貸款總安排量達684億港幣，按年增長39%，拉動工商銀行在港澳地區安排行排名中上升至第二位1。本行作為牽頭行為一眾客戶，包括遠東宏信有限公司、碧桂園控股有限公司、中國金茂控股集團有限公司及信銀（香港）投資有限公司等成功籌組銀團貸款，其中萬科集團收購項目更是二零一八年市場上最大型和最受矚目的項目之一。

本行積極參與信貸資產二級市場，繼續通過信貸資產的流轉提升本行的資產流轉速度和流動性。資產交易類業務量依舊佔據市場主要份額。同時，配合本行亞太區業務發展策略，迅速於年內建立了亞太區資產交易網絡。

本行積極探索財務顧問業務開展模式，在跨境併購、私有化、股權投資等領域努力拓展相關財務顧問服務，項目涉及公共事業、房地產、製造業、娛樂傳媒等多個行業領域。目前已基本形成較為廣泛的業務領域，未來面臨較好的發展前景。

展望二零一九年，本行將積極把握「一帶一路」倡議、大灣區及人民幣國際化等帶來的發展新機遇，為客戶提供全方位的全球資本融資服務，繼續鞏固本行在亞太區資本市場的優勢地位。

1資料來源：LOANCONNECTOR

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金融科技及網絡金融發展

二零一八年，本行積極把握香港智慧銀行新紀元帶來的發展機遇，大力發展金融科技，以金融科技為重要手段，促進對客業務創新發展和內部經營管理升級；大力推進網絡金融業務轉型升級，為個人客戶及企業客戶帶來更優質的網絡金融服務體驗。

回顧年內，本行著力開展金融科技創新研究、打造金融科技創新應用產品、夯實科技系統支持能力。在金融科技創新研究方面，在大數據、人工智能、區塊鏈等前沿技術領域均取得了較大進展，通過自建及合作建設等方式，建立了生物特徵識別、大數據、人工智能、區塊鏈等技術平台，並建設了一批應用產品原型。在金融科技創新應用產品方面，相繼研發並推出了「智能POS聚合收單」、「跨境e繳費」、「WeChat Pay HK信用卡還款」及存支票機等創新產品服務，其中與騰訊合作的「WeChat Pay HK信用卡還款」屬全港首推的WeChat信用卡還款服務。在夯實科技系統支持能力方面，全面實施DevOps體系及「分佈式系統架構」等以增强系統研發自動化能力和系統可靠性，同時，透過應用多項先進的系統，助力提升銀行內部的系統信息安全。本行亦全力響應及支持香港金融管理局（「金管局」）在金融科技方面的推動發展，包括成為快速支付系統(FPS)首批全綫投產的參與機構、香港首個大型跨銀行區塊鏈項目「貿易聯動」的首批參與銀行、香港首批推出開放應用程式介面(API)服務的銀行（於二零一九年一月正式推出）。

本行不斷創新突破，全力開拓市場，為客戶提供更全面、更便捷、更高端的網絡金融服務體驗。手機銀行方面，本行積極把握客戶需求，應用金融新科技，推出多項創新產品及服務，包括「工銀證券」手機應用程式、「滬深股通」綫上交易、投資交易强制保安措施、密碼器交易等。網上銀行方面，本行聚焦提升客戶服務體驗，於年內推出個人網上銀行工銀信使及客戶提示信息等優化功能，並已成功推出新版企業網上銀行，在賬戶管理、操作流程、交易指引及頁面設計等方面均有提升。電子商務方面，本行持續做好「融e購」跨境電商平台營運工作，並以電商業務帶動銀行本源業務發展，與母行境內位於大灣區的分行拓展業務合作，進一步提升電商平台知名度。回顧年內，本行客戶透過電子銀行使用本行服務的比例已達77%。除了獲得客戶的廣泛支持，亦獲得市場及同業的高度認可 — 於《資本雜誌》舉辦的「資本卓越銀行及金融大獎2018」評選中榮獲「資本卓越手機銀行服務大獎」。

展望二零一九年，本行將繼續視金融科技為業務突破口，積極研究市場前沿的技術領域促進業務轉型發展之餘，大力推進渠道、產品、營銷等各環節「智慧化」改造，進一步提升本行技術品牌和業務競爭能力，為客戶帶來更多高端、前沿的創新金融服務體驗。

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現金管理業務

工銀亞洲亞太區現金管理中心（「現金管理中心」）是中國工商銀行集團內設立的首個區域現金管理中心。工銀亞洲依托該中心積極開展現金管理業務，歷經八年發展，現金管理中心目前已具備體系完備的現金管理業務產品綫，包括賬戶管理與資訊服務、收付款服務、流動性管理及短期投資理財等。截至二零一八年年末，累計為超過3,300家香港本地及跨境現金管理客戶提供服務。

二零一八年，工銀亞洲現金管理業務得到了快速發展，通過緊握中資企業「走出去」業務機遇，把握香港財資中心稅改優惠政策，深耕香港本地、中國內地與亞太地區三個市場，敏銳把握政策機遇，內外聯動拓展中國內地企業客戶，成功為多家大型集團企業開展香港財資中心業務提供現金管理服務；同時，積極打造核心產品，多措並舉，繼續開拓香港本地市場，進一步提升市場份額；跨境客戶服務方面，聯動工銀集團境外機構共同服務跨境客戶，提升本行現金管理服務水準與品牌形象。IPO收款行業務方面，本行繼續保持行業領先優勢，今年參與完成IPO收款行業務四十餘單。

年內，現金管理產品不斷推陳出新，有力促進了現金管理業務發展：成功成為工銀集團內首家推出「銀企互聯」的境外機構，為服務現金管理客戶提供了新的接入管道；成為工銀集團內首家推出「工銀商戶寶」的境外機構，開拓了本地現金管理市場的行銷渠道。現金管理獲客平台日趨成熟，借助母行强大的網路資源，於年內推出了「工銀跨境企業通」，有助引入企業客戶之外，為港資客戶提供便利的內地商事辦理服務，助推內地商事改革進程；年內還陸續推出了帳戶資訊報告、集中付款等一系列提升賬戶管理能力與資金運作效率的產品，受到市場的廣泛認可。

展望二零一九年，本行將繼續把握政策優勢，以「做實本地、服務區域」為思路，不斷完善現金管理產品體系，緊跟客戶需求積極創新，加强打造特色產品，不斷提升市場競爭力。

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私人銀行

二零一八年，本行私人銀行業務持續發展，客戶數量及管理資產規模均獲上升。作為中國工商銀行集團私人銀行全球化發展的中心與旗艦，本行積極與母行、其境內分行及第三方機構緊密合作，致力為高淨值客戶提供投融資一體化的綜合金融解決方案。

回顧年內，本行進一步加强業務聯動，優化產品體系和業務流程，强化非金融增值服務體系，加强團隊建設和內控管理，全方位提升內部管理及業務拓展能力。客戶拓展方面，繼續大力吸納傳統高淨值客戶的同時，亦積極拓展新經濟企業高級管理層為代表的新富階層客戶群，為業務的可持續發展提供新的增長動力。產品體系優化方面，以客戶需求為導向，遴選優質產品充實貨架，為客戶度身打造高度個性化、多元化的投資方案。

本行於二零一八年初正式確立了工銀亞洲私人銀行專屬品牌，圍繞私人銀行客戶需求全面提供金融服務以外的增值服務，如與母行及境內分行攜手為高淨值私人銀行客戶子女組織「財能實踐營」活動，貼近客戶對子女進行精英教育的殷切需求。

展望二零一九年，遵循本行「大零售」轉型發展方略，同時積極運用「ONE ICBC」理念，充分利用工銀集團强大的資源及服務平台，强化客戶關係管理與市場開發，完善產品服務體系，促進金融科技對業務的推動作用，全面提升私人銀行客戶的滿意度及品牌美譽度。

信用卡業務

二零一八年，香港信用卡市場競爭持續激烈，本行信用卡業務繼續採取分層營銷策略，信用卡產品向專題化、特色化的方向發展，以吸納更廣闊的客戶群，擴大市場份額。

回顧年內，客戶拓展方面，本行積極拓展本地客戶，優化操作及管理流程，使信用卡產品成為零售銀行吸納新客戶的重要渠道之一，推動本行零售銀行業務不斷發展。

新卡發行方面，本行於年內推出多款專題信用卡，提供一系列專項優惠及主題活動，以吸納更廣闊的客戶群，包括「ICBC粵港澳灣區信用卡」，為經常來往「灣區」的跨境客戶提供一系列粵港澳灣區的跨境交通便捷與消閒優惠，帶來「一卡路路通」的精彩體驗；「ICBC宇宙星座卡」為客戶提供優質的信用卡獎賞計劃及優惠。不同專題信用卡滿足持卡人不同消費休閒需求，獲得市場熱烈反響。

收單業務方面，本行持續優化商戶營銷策略，拓寬商戶類別，重點聚焦本地民生類商戶消費，以助提升合作商戶數量及豐富商戶結構。同時，推動收單業務線上線下一體化。年內，實現收單營業額雙位數增幅，為本行信用卡業務提供持續增長動力。

展望二零一九年，本行將繼續擴大信用卡業務，拓展新的信用卡消費模式和吸納客戶的渠道，加强產品創新，提升產品的市場競爭力，繼續為客戶帶來豐富的信用卡優惠及獨特的消費體驗。

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華商銀行

二零一八年，本行全資附屬子公司 — 華商銀行整體業務保持穩健發展，全年實現撥備前利潤22.53億港元，同比增長18.03%，創歷史新高；淨利潤13.80億港元，同比增長2.77%；不良貸款率0.64%，資產質量保持穩定，抗風險能力持續提升。

年內，華商銀行堅持「穩中求進」的經營方針，在風險可控的前提下動態調控資產負債規模，資產規模保持平穩，結構持續優化，負債基礎更加穩固。資產方面，加强信貸資產投放，提升一般性貸款和個人貸款佔比；加大債券投資力度，提升資金運用效率和資產收益水平。負債方面，加强存款類產品創新，並首次成功發行50億元人民幣金融債券，多渠道拓寬負債來源，負債期限及能力不斷加强。

華商銀行積極謀求特色化經營轉型，以「專」和「精」的產品服務理念提升市場競爭力。一是深化與中國工商銀行集團的戰略協同，積極推動聯動業務發展；二是著力發展個人貸款業務，成為深圳地區首家開辦「商業性住房按揭貸款轉住房公積金貸款業務」的外資銀行，個人貸款業務實現大幅增長；三是豐富結算產品，創新推出「節節高」等對公存款產品，實現結算與現金管理產品的新突破。

華商銀行不斷推進規範管理，完善全面風險管理體系，加强信用風險管控力度，內部風險管控能力顯著增强。被認定為「深圳市總部企業」，並獲得中誠信國際信用評級有限責任公司主體信用評級「AAA」最高認定；亦獲得多個獎項，包括中國國債登記結算有限責任公司頒發「優秀自營商獎」、《深圳特區報》頒發「二零一八年度外資銀行品牌獎」及深圳市銀行業協會頒發「社會責任最佳組織獎」等，市場地位和品牌影響力進一步提升。

展望二零一九年，華商銀行將堅持「穩中求進、協同賦能、創新突破」的發展思路，在注重合規及風險管控的基礎上，充分發揮自身優勢，推進管理體制變革，加强科技金融創新，持續深化與中國工商銀行集團的戰略協同，不斷加强經營轉型和固本强基各項工作，推進各項業務創新、穩健發展。

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人力資源

本行一直視員工為公司最寶貴的資產，堅持貫徹「以人為本」的管理理念，持續推進戰略性人力資源管理發展，促進員工與本行共同發展。

二零一八年，本行積極招攬各類人才，在多間院校及機構舉辦職業座談會及招聘會，發掘更多不同的招聘渠道廣納賢才。截至二零一八年十二月三十一日，本集團員工總數為2,966人。同時，本行投入豐富資源，積極提升不同層級人員的領導力及專業能力，年內針對不同層級管理人員及核心人才舉辦個性化領導力發展項目，並推出系統化的業務培訓課程，進一步提升本行員工的核心能力。

本行致力推動金管局提倡的良好銀行文化三大支柱體系建設，並通過持續優化完善績效管理機制及多元化的激勵措施，促進員工績效目標與銀行整體戰略目標保持一致。

本行注重關愛員工，推出彈性團體醫療計劃、重大疾病保障項目，並提升產假、侍產假、生日假及年假等福利為員工提供健康、活力的生活方式及工作環境，推動員工工作與生活的平衡。

本行加大員工投入、促進人才發展及注重關懷員工的人力資源工作得到業界充分肯定。年內，本行獲積金局嘉許為「積金好僱主」，獲香港經濟日報集團成員《CTgoodjobs》頒發「最佳員工投入度大賞」，獲星島新聞集團成員《Job Market》頒發「卓越雇主大獎2018」及「卓越新世代發展大獎」。

展望二零一九年，本行人力資源工作將重點圍繞企業文化建設、團隊能力提升及內部管理效能優化等方面開展工作，從多方面促進銀行與員工共同躍進、一同成長。

企業社會責任

秉承「受益於社會，回饋於社會」的社會企業責任精神，本行積極投身社會公益事業，履行企業社會責任。二零一八年，本行服務社群的投入及持之以恆的承擔續獲廣泛社會認可，已連續十六年獲香港社會服務聯會（社聯）頒發「商界展關懷」標誌。

本行已連續二十年獲委任為香港明愛籌款委員會主席，全力支持香港明愛多項籌款活動，其中包括舉辦慈善高爾夫球賽、捐助明愛籌款晚會、曲奇義賣、賣物會、代售慈善抽獎券等。二零一八年，除了繼續開展「工銀亞洲X明愛：與衆同樂」一系列義工活動，將資源與愛心傳達至各社會階層外，更將慈善項目融入綠色環保元素 — 贊助並支持明愛家庭服務舉辦「工銀亞洲環保繽FUN系列活動」將環保訊息推廣至25間學校及明愛服務單位。二零一八年，本行為香港明愛合共籌得超過港幣三百七十萬元善款，成績美滿。

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本行亦積極致力於其他多範疇的公益項目：

文化藝術方面，連續第六年獨家贊助香港藝術節閉幕演出，助力推動香港藝術文化發展；贊助由香港藝術中心主辦的香港首個國際級雕塑公園「藝游維港」，並舉辦工銀亞洲「藝游維港」攝影比賽，為香港注入藝術文化活力，豐富市民生活。

體育公益方面，主辦「工銀亞洲悅跑越勇2018」慈善跑步賽，吸引逾千名參賽者報名參加；連續第七年參與香港大型慈善活動「公益金百萬行」，參與人數再創高峰；連續第三年參加「彭博一英里接力賽」慈善跑，全力支持香港本地多項體育慈善盛事。

理財教育方面，積極秉持銀行公會的「銀行與您關愛同行」理念，參與了其一系列的企業社會責任活動，包括「理財互動劇場」、「智有『財』能教育坊」及「活用銀行自動櫃員機教育講座」等。

綠色環保方面，本行於年內加入簽署由環境保護署推出的《大型活動减廢指南》及由環境局推出的《戶外燈光約章》，並在銀行內部大力推行「綠色辦公室計劃」，落實推動多項「減廢」、「節源」、「重用」措施，推動「綠色」辦公新生活。

創新產業支持方面：本行再度攜手香港旅遊發展局，冠名贊助第二届「工銀亞洲香港電競音樂節」，並成功舉辦「工銀亞洲Team Up 2018電競狂熱」活動，助推香港電競行業向前發展。

展望二零一九年，本行將繼續肩負起企業公民的責任，積極開展及參與豐富多元的企業社會責任活動，為香港的社會公益事業貢獻力量，共建和諧共融、愛心滿溢的社會。

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董事及高層管理人員簡歷截至2019年3月26日止

高明女士（主席兼執行董事）

高女士，五十三歲，自二零一七年二月起獲委任為本銀行主席兼執行董事，她亦出任本銀行戰略與企業管治委員會主席。高女士持有麥考瑞大學應用財務專業碩士學位及吉林工業大學特殊用途（科技英語）專業碩士學位。高女士擁有逾三十年銀行業務經驗，曾擔任中國工商銀行盧森堡分行總經理，中國工商銀行歐洲有限公司主席及中國工商銀行股份有限公司國際業務部總經理。

武龍先生（副主席、執行董事兼行政總裁）

武先生，四十七歲，自二零一八年八月起獲委任為本銀行執行董事兼行政總裁，並於二零一九年一月起獲委任為本銀行副主席。武先生現為本銀行戰略與企業管治委員會及董事會風險管理委員會委員。武先生持有河南財經學院（現稱為「河南財經政法大學」）國際經濟系國民經濟管理學士學位、中山大學工商管理碩士學位及中歐國際工商學院高層管理人員工商管理碩士學位。武先生擁有逾二十三年的銀行業務經驗，曾擔任中國工商銀行（澳門）股份有限公司副董事長、執行董事、總經理，中國工商銀行股份有限公司安徽分行副行長及中國工商銀行股份有限公司廣東江門分行行長。

盧建先生（執行董事、副行政總裁兼替任行政總裁）

盧先生，四十二歲，於二零一七年二月加入本銀行為助理行政總裁，並於二零一七年八月獲委任為本銀行副行政總裁及二零一七年十月獲委任為本銀行執行董事兼替任行政總裁。盧先生為本銀行董事會風險管理委員會委員。盧先生持有東北財經大學國際金融本科經濟學學士學位及香港科技大學金融分析與公司融資碩士學位並拥有特許註冊金融分析師資格。盧先生擁有逾十八年的銀行業務經驗，曾於二零零七年四月至二零一五年七月期間服務本銀行超過八年，並曾擔任中國工商銀行（泰國）有限公司執行董事兼行政總裁。

席德應先生（非執行董事）

席先生，五十八歲，自二零一七年五月起獲委任為本銀行非執行董事，為本銀行審核委員會替任主席及提名委員會委員。席先生持有澳大利亞梅鐸大學工商管理碩士學位及西安交通大學經濟與金融學院經濟學學士學位。席先生擁有逾三十六年銀行業務經驗，現為中國工商銀行股份有限公司戰略管理與投資者關係部集團派駐子公司董監事辦公室資深專家、專職派出董事。席先生現為中國工商銀行（阿根廷）股份有限公司董事長、中國工商銀行（巴西）有限公司非執行董事。

洪貴路先生（非執行董事）

洪先生，五十二歲，自二零一六年十二月起獲委任為本銀行非執行董事，為本銀行審核委員會及戰略與企業管治委員會委員。洪先生持有美國喬治華盛頓大學會計學碩士學位。洪先生擁有逾十八年銀行業務經驗，現為中國工商銀行股份有限公司戰略管理與投資者關係部集團派駐子公司董監事辦公室高級專家、專職派出董事。洪先生現為華商銀行非執行董事。

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尚軍先生（非執行董事）

尚先生，五十九歲，自二零一七年九月起獲委任為本銀行非執行董事，為本銀行董事會風險管理委員會替任主席及薪酬委員會委員。尚先生持有復旦大學與香港大學國際工商管理碩士學位及鄭州大學經濟學碩士學位。尚先生擁有逾四十二年銀行業務經驗，現為中國工商銀行股份有限公司戰略管理與投資者關係部集團派駐子公司董監事辦公室資深專家、專職派出董事。尚先生現為工銀瑞信基金管理有限公司董事長、中國工商銀行（澳門）股份有限公司非執行董事。

王于漸教授，S.B.S.，太平紳士（副主席、獨立非執行董事）

王教授，六十六歲，自二零零零年七月起獲委任為本銀行獨立非執行董事，並於二零一九年一月起獲委任為本銀行副主席。他現為本銀行戰略與企業管治委員會、審核委員會及提名委員會委員。他持有美國芝加哥大學經濟學博士學位。王教授現為香港大學經濟學講座教授，他積極推動有關香港及中國經濟政策之研究活動，為香港經濟研究中心和香港經濟及商業策略研究所之創辦總監。王教授於一九九九年獲香港特別行政區政府頒授銀紫荊星章，以表揚其對香港教育、房屋、工業及科技發展所作出之貢獻。王教授現為鷹君集團有限公司、東方海外（國際）有限公司、盈科大衍地產發展有限公司及新鴻基地產發展有限公司之獨立非執行董事（上述公司均於香港聯交所上市）。

徐耀華先生（獨立非執行董事）

徐先生，六十九歲，自二零零零年八月起獲委任為本銀行獨立非執行董事，為本銀行董事會風險管理委員會主席、審核委員會及薪酬委員會委員。他持有美國田納西州大學理學士及工程學碩士（工業工程學）學位。他於美國哈佛大學甘迺迪政府研究院修畢政府高級經理管理學課程。徐先生由二零零一年七月至二零零二年六月期間於深圳證券交易所擔任諮詢顧問及理事，並於二零零零年八月至二零零一年二月期間出任香港勵晶太平洋集團有限公司行政總裁，該公司於香港聯合交易所上市。於二零零一年十二月至二零零四年十二月期間，徐先生曾任香港證券專業學會之主席。徐先生於一九九四年加入香港聯合交易所有限公司為財務及運作服務科執行總監，並於一九九七年至二零零零年期間出任行政總裁一職。徐先生於二零零零年三月至二零零零年七月期間出任香港交易及結算所有限公司之集團營運總裁，並於一九八九年至一九九三年期間出任香港證券及期貨事務監察委員會之總經理（財務、資訊及人力資源）、助理總監（發牌科）兼總經理（人力資源）。徐先生過往亦積極參與多項政府及社會活動，其中包括香港盈富基金監督委員會前主席、香港廉政公署證券、期貨及投資界專業道德推廣計劃籌劃委員會前主席、香港公司法改革常務委員會前委員、香港貿易發展局金融服務諮詢委員會前委員、香港公益金商業及僱員募捐計劃籌劃委員會前委員（銀行及金融組別）、香港職業訓練局銀行及金融業訓練委員會前委員及禁毒基金會管理委員會投資小組委員會前委員。徐先生現為中遠海運國際（香港）有限公司、太平洋網絡有限公司、康達國際環保有限公司、大唐西市絲路投資控股有限公司及華領醫藥（上述公司均於香港聯交所上市）及新濠博亞娛樂有限公司（於美國納斯達克上市）的獨立非執行董事。他亦為ATA Inc.（於美國納斯達克上市）及Melco Resorts and Entertainment

(Philippines) Corporation（於菲律賓證券交易所上市）之獨立董事。

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袁金浩先生，FHKIoD（獨立非執行董事）

袁先生，七十四歲，自二零零三年四月起獲委任為本銀行獨立非執行董事，為本銀行薪酬委員會主席、董事會風險管理委員會及戰略與企業管治委員會委員。袁先生持有香港大學經濟及政治學榮譽學士學位。袁先生分別在美國麻省Cambridge國際市務學院修讀國際市場管理課程，及獲香港政府保薦往英國牛津大學深造公共行政及國際關係，並於法國歐洲商業學院(INSEAD)參與國際工商管理人員培訓計劃。於二零零三年六月，袁先生被邀參與美國哈佛大學肯尼地行政管理學院主辦的領袖發展計劃。於二零零四年六月，袁先生參與美國加州史丹福大學「公司管治」研修會議。在二零零六年初，史丹福大學社會創建學院更邀請袁先生為訪問學者作短期研修。袁先生自一九九七年九月起九年內曾出任「香港明天更好基金」行政總裁。於加入「香港明天更好基金」前，袁先生於香港政府新聞處擔任新聞處助理處長及署理副處長。袁先生積極參與籌組於香港舉行之重要國際會議，並曾擔當多項公職，其中包括出任國際策略發展局董事局成員。他現為香港耆康老人福利會董事局成員。於二零零三年至二零零七年期間，袁先生曾任香港特別行政區政府中央政策組香港泛珠江三角洲流域研究委員會成員。在二零零六年一月至二零一三年一月期間，袁先生曾為中國人民政治協商會議廣西壯族自治區委員會委員、中國社會科學院財政與貿易經濟研究所顧問、中國上海社會科學院港澳研究中心顧問及中國廣州市國際投資促進中心顧問。袁先生現為香港大學校董會委員及聯合國亞太經濟和社會委員會委員。袁先生為香港董事學會之資深會員、英國管理學會及英國市務學會會員，並曾獲前任美國總統布殊親函嘉許其支持世界反恐工作的貢獻。袁先生現為新昌集團控股有限公司的獨立非執行董事，該公司於香港聯合交易所上市。

武捷思博士（獨立非執行董事）

武博士，六十七歲，自二零一三年三月起獲委任為本銀行獨立非執行董事，為本銀行提名委員會主席、戰略與企業管治委員會及董事會風險管理委員會委員。武博士持有中國人民銀行金融研究所經濟學博士學位，並獲天津南開大學授予教授資格。武博士擁有逾三十一年企業管理與投資經驗。武博士曾任中國工商銀行股份有限公司深圳市分行行長、深圳市政府副市長及廣東省省長助理。武博士現為深圳市富海銀濤資產管理股份有限公司董事長。他亦為北京控股有限公司及中國太平保險控股有限公司的獨立非執行董事、銀基集團控股有限公司及深圳控股有限公司的非執行董事（上述公司均於香港聯交所上市）。武博士亦為中信銀行（國際）有限公司獨立非執行董事。

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柯清輝博士，S.B.S.，太平紳士（獨立非執行董事）

柯博士，六十九歲，自二零一八年十二月起獲委任為本銀行獨立非執行董事，為本銀行審核委員會主席、董事會風險管理委員會及戰略與企業管治委員會委員。柯博士持有香港大學經濟學及心理學學士學位，並於二零一四年獲香港城市大學頒授榮譽社會科學博士，二零一七年獲恒生管理學院頒發榮譽院士，二零零九年獲香港特別行政區頒授銀紫荊星章及獲香港大學頒發榮譽院士。柯博士於保險、銀行及金融服務行業擁有豐富經驗，他曾擔任香港上海滙豐銀行有限公司總經理及董事、滙豐保險集團有限公司主席、恒生銀行有限公司行政總裁及副主席，恒生保險有限公司及恒生銀行（中國）有限公司主席及中國工商銀行股份有限公司獨立非執行董事。他曾擔任國泰航空有限公司、和記黃埔有限公司董事，國際資源集團有限公司副主席及獨立非執行董事及Aquis Entertainment Limited副主席及非執行董事（該公司的股份均於澳洲證券交易所上市）。柯博士積極參與多項政府及社會活動，他現為香港公益金名譽副會長及太平紳士。柯博士曾分別於2000年及2003年為香港銀行公會主席、與及在2001年、2002年、2004年及2005年為香港銀行公會副主席，香港銀行學會副會長及理事會成員、香港公益金執行及籌募委員會主席。柯博士曾是香港貿易發展局金融服務諮詢委員會主席和服務業拓展計劃委員會委員，亦曾為香港交易及結算所有限公司風險管理委員會成員及航空發展諮詢委員會成員、香港城市大學校董會副主席、香港大學校務委員會成員、香港僱主聯合會諮詢顧問、第五屆東亞運動會籌備委員會委員及2009東亞運動會（香港）有限公司董事。柯博士現為思捷環球控股有限公司董事會執行主席及執行董事，中策集團有限公司的非執行董事兼董事會主席。他亦為周大褔珠寶集團有限公司、維珍妮國際（控股）有限公司及電視廣播有限公司獨立非執行董事（該等公司的股份均於香港聯交所主板上市）；他於二零一八年八月獲眾安虛擬金融有限公司委任為董事。

梁銘謙先生（副行政總裁兼替任行政總裁）

梁先生，五十六歲，自二零零一年七月加入本銀行，於二零一一年八月起獲委任為本銀行副行政總裁，並於二零一六年四月獲委任為替任行政總裁。梁先生持有英國紐卡素大學會計及財務分析學士學位和英國倫敦大學法律學士學位。梁先生為英格蘭及威爾斯特許會計師公會之資深會員並為其香港分會委員，亦為香港會計師公會及英國特許公認會計師公會之資深會員。

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唐希強先生（副行政總裁）

唐先生，六十二歲，於二零一一年八月獲委任為本銀行副行政總裁，現主要負責本銀行公司業務及亞太業務的發展。唐先生持有布魯內爾大學工商管理系碩士學位。除獲特許銀行學會之會士外，唐先生亦畢業於法國楓丹白露Le Centre Europeen d’Education Permanente (CEDEP)行政管理課程。唐先生擁有逾三十年企業及商業銀行業務經驗。

許蒙女士（副行政總裁兼首席風險官）

許女士，五十歲，自二零一七年九月加入本銀行為副行政總裁兼首席風險官。現主要負責本銀行信貸審批、風險管理、放款管理及信貸與投資管理。她持有北京工商大學經濟學學士學位及復旦大學與香港大學國際工商管理碩士學位。許女士擁有逾二十七年的銀行業務管理經驗。

顧旋先生（副行政總裁）

顧先生，四十五歲，自二零一八年三月加入本銀行為副行政總裁。顧先生現負責本銀行零售業務、渠道管理、私人銀行業務、信用卡業務、網絡金融業務以及證券經紀業務。顧先生持有蘇州大學中文系學士學位和南京大學國際貿易專業碩士學位。他擁有逾二十年銀行業務管理經驗。

王超明先生（副行政總裁兼首席信息官）

王先生，四十九歲，自二零一一年五月加入本銀行，於二零一五年七月獲委任為助理行政總裁兼首席訊息官，並於二零一七年十月獲委任為副行政總裁。王先生現主要負責本銀行信息科技、營運管理、管理信息及總務。王先生持有浙江大學電機工程學系工學學士學位及工學碩士學位及復旦大學與香港大學國際工商管理碩士學位。王先生擁有逾二十四年銀行業務經驗。

李冬先生（副行政總裁）

李先生，四十三歲，自二零一六年五月加入本銀行，於二零一六年十一月獲委任為助理行政總裁，並於二零一八年二月獲委任為副行政總裁。他負責本銀行公司業務、全球資本融資及資產托管業務。他持有南京建築工程學院（現稱為「南京工業大學」）工業與民用建築本科工學學士及東南大學工商管理碩士學位。李先生擁有逾二十一年的銀行業務管理經驗。

陳銀彬先生（副行政總裁）

陳先生，四十八歲，於二零一七年十月獲委任為本銀行助理行政總裁，並於二零一九年一月獲委任為副行政總裁。他負責管理本銀行全資附屬公司華商銀行的業務以及牽頭負責粵港澳大灣區業務。他持有武漢大學物理系學士、南京大學國際貿易碩士學位及復旦大學與香港大學國際工商管理碩士學位。陳先生擁有逾十九年的銀行業務管理經驗。

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In 2018, successive United States Federal Reserve interest rate hikes and the ongoing trade friction between China and the United States complicated the operating environment. The softening of global economic growth and intensified market volatility exerted additional pressure on the market. In the face of these challenges, ICBC (Asia) navigated the headwinds by focusing on development, transformation, and risk control. It applied the strategic guiding principles laid down by ICBC Group across the board and followed the Bank’s three-year development roadmap to seize opportunities on the market. Through persistent efforts in transformation, the Bank continually improved its risk control and operational capabilities, thereby enabling it to maintain solid operational performance and achieve steady growth.

Throughout its expansion, the Bank employed a customer-centric approach. It deployed additional resources to develop target market segments and to improve service experience that created added value for customers, further strengthening its customer base. Gaining ground with transformation and innovation, it identified new business growth drivers to tap into the vast blue ocean market. While effectively managing its asset growth, the Bank continued to optimize its business portfolio. As at the end of 2018, the Bank’s total assets amounted to HK$893.6 billion. Notably, the percentage of retail assets in the Bank’s asset portfolio rose continually. Its loans increased by HK$16.0 billion to HK$475.8 billion year-on-year, and customers’ deposits grew by HK$37.2 billion to HK$533.5 billion. The Bank’s after-tax net profit grew by HK$511 million to HK$8.278 billion.

In its corporate banking business, the Bank upheld its commitment to serving the real economy. It actively fostered collaboration with major local customers and persistently optimized the services for SME customers. Across borders, the Bank capitalized on its strength in cross-border finance and grasped the opportunities arising from policies such as the Greater Bay Area, the Belt and Road Initiative, and the establishment of the corporate treasury centers in Hong Kong to reinforce the support for Chinese enterprises making outbound investments. The Bank scaled up its exposure to high quality assets through syndicated loans to satisfy the financing needs of leaders across industries. It also leveraged its strengths in coordinating commercial and investment banking to complete multiple significant projects including underwriting the issuance of major preferred stocks and overseas green bonds in the capacity of a lead manager for the first time. Moving forward its strategy of transaction banking, the Bank launched solutions based on customers’ transaction practices as well as strengthened its comprehensive marketing capability so as to deepen customer loyalty and collaborations. These contributed to the rapid development of its trade finance business.

In its retail banking business, the Bank stepped up business reform to refine the retail business regime and focused on market segments with high potential, so as to broaden its presence in the retail banking market space. The Bank embarked on a full-fledged program to optimize its retail policies and business processes. This entailed the development of such mainstay businesses as mortgage, personal consumption loans, and wealth management. Special innovative products such as Horoscope credit cards, ICBC | LINE FRIENDS Credit Cards, “Flexi Plus” and “Interest Plus” were launched to enrich its product offerings. In doing so, the Bank registered steady growth in the number of retail clients and scale in assets. To cope with the expansion, the Bank accelerated the pace to increase productivity and enhance service quality at branch levels. At the same time, the Bank accelerated the pace to increase productivity, enhance service quality at branch levels, improve the setup of the Bank’s network, and enhance the image of its branches. These initiatives resulted in a significant increase in the average branch profitability.

In terms of its global market business, the Bank overcame such unfavorable market conditions as interest rate hikes and the flutuations in credit spread. Adopting a dynamic adjustment strategy in asset allocation, it succeeded in maintaining the stability of its investment portfolio and consequently delivered an increase in return. Moreover, the Bank leveraged its functional advantage as the Asia time-zone transaction center for the ICBC Group to boost its trading and market-making capabilities, achieving substantial growth in the volume of offshore Renminbi transactions. The global market trading system was strengthened through the introduction of 37 types of currencies of the countries under the Belt and Road Initiative. The implementation of these business strategies effectively elevated the stability of the operating system and offered added support to the business.

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As for the asset management business, the Bank continued to refine the management regime of its subsidiary “ICBC Asset Management (Global)” to establish it as ICBC Group’s unified operation platform for global asset management. The platform contributed to a thorough improvement in asset management product offerings as well as related sales channels. The research and development and risk control capabilities of the business segment were likewise strengthened. These measures helped multiple products to become market frontrunners. In addition, the Bank rolled out a world-leading custodian system, which achieved a number of market firsts with the custody products it debuted. The business segment witnessed significant growth in the size and revenue of its assets under management. With these accomplishments, the Bank was awarded the title of “Bond Connect Best Custodian”.

In the internet-based finance business, the Bank rode on relevant favorable policies to embrace emerging fintech movement. Among the many key launches were Faster Payment System (“FPS”), intelligent customer service, intelligent terminal, and “ICBC Securities” mobile application. In recognition of its market standing, the Bank was named a winner of the “Capital Excellent Mobile Banking” Award. In addition, the Bank scaled up the operation of this business through investments in research and introduced functions including upgrades in account opening procedures, account opening witness system, and account opening appointment registration system to further improve customer experience. Following active online marketing and commercial collaboration arrangements, the market penetration and awareness of the Bank’s e-Banking increased considerably.

On its path of regional expansion, the Bank capitalized on opportunities related to the development of the Greater Bay Area. Discharging the Bank’s function as ICBC Group’s leading overseas institution in the Greater Bay Area, the Bank, through the platform of its subsidiary, Chinese Mercantile Bank, accelerated its expansion in the Greater Bay Area. At the same time, seizing the opportunities arising from the Belt and Road Initiative and the establishment of ICBC Group’s “Asia Pacific Syndicated Loan Centre”, the Bank coordinated the interaction of various sister institutions across the region in the ICBC Group to expand its customer base to extend outreach to outstanding mainland and Hong Kong enterprises making investments overseas as well as the leading enterprises in the regions concerned. The Bank’s integrated marketing footprint was expanded to cover 16 countries and regions. For these efforts, the Bank was honored to be named the “Best Chinese bank in the region for Belt and Road Initiative” by Asiamoney last year.

Risk control and management has always been a priority of the Bank in its expansion, transformation and development. In 2018, the Bank was listed as one of the Domestic Systemically Important Authorized Institutions (D-SIB) by the Hong Kong Monetary Authority. Taking this opportunity, it implemented a series of optimization programs with respect to capital, risk control, and liquidity to drive various indicators to higher standards. In light of the evolving conditions, the Bank cast a spotlight on comprehensive risk prevention and control. Strong emphasis was placed on credit quality and fundamentals to secure the stability of the overall asset quality. The Bank also devoted more resources to tackle money laundering, setting systems in place as countermeasures. Furthermore, investments were made to strengthen internal control and compliance management mechanisms to cultivate a unique compliance-based corporate culture of ICBC (Asia) to ensure long-term sustainable development.

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Going forward in 2019, the seemingly stable global economy is expected to progress with undercurrents of change. The banking industry is facing a more complicated environment with increasing uncertainties. However, opportunities come with change. A series of economic stimulus policies announced by the Hong Kong SAR government, the unveiling of the “Outline Development Plan for the Greater Bay Area”, and the promising prospects of the markets along Belt and Road are bringing impetus to the development of the banking industry. The Bank will actively respond to the changing circumstances, embrace strategic opportunities, and forge further ahead with transformation and innovation. The vast market on the mainland, coupled with the strong backing from the ICBC Group, will give the Bank an edge in its development. While deepening its penetration locally in its home market, the Bank will extend its foothold in the Greater Bay Area and the Asia-Pacific market. Putting customers first as it always has, the Bank will offer diversified and integrated financial services to propel the development of ICBC (Asia) to a new level. By the same token, the Bank will reaffirm its commitment to strengthening its foundation. By ensuring regulatory compliance and reinforcing risk control and management, it will bolster its operational performance and achieve sustainable development.

In the past year, the guidance of its parent bank and the Board of Directors were key to the Bank’s development. Together with the whole-hearted contribution of the management and the diligence of its entire staff, the Bank achieved hard-earned and impressive results amidst a complicated and ever-changing operating environment. My sincere appreciation goes to them. At the same time, on behalf of the Bank, I would like to extend my heartfelt gratitude to our customers for their trust and support and to members of society for their invaluable help.

Gao MingChairman

26 March 2019

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FINANCIAL REVIEW

The Group achieved a record high profit after tax of HK$8,278 million for the year 2018, representing an increase of HK$511 million as compared to the previous year.

As a result of strong growth in interest-bearing assets, ICBC (Asia)’s net interest income increased by HK$1,574 million, or 16%, to HK$11,625 million. Net fee and commission income increased by HK$20 million, or 1%, to HK$2,396 million. The ratio of non-interest income to total operating income was 21.1%.

Total operating expenses were 13% higher than the previous year. The cost to income ratio slightly decreased from 24.2% in 2017 to 23.4% in 2018.

Operating profit after impairment losses was HK$10,055 million, an increase of HK$1,063 million, or 12%, as compared with 2017.

The Group recorded HK$329 million of net gain from disposal of investment securities as compared to HK$470 million in 2017.

Share of profit from associates decreased to HK$12 million from HK$22 million in 2017.

STATEMENT OF FINANCIAL POSITION

As at 31 December 2018, ICBC (Asia)’s total assets amounted to HK$893.6 billion, representing an decrease of $4.5 billion, or 1%, as compared with the previous year-end position.

Loans and customers’ deposits reached HK$475.8 billion and HK$533.5 billion respectively, representing an increase of 3% and 7% respectively as compared to the position as at 31 December 2017.

As at 31 December 2018, total outstanding certificates of deposit issued amounted to HK$24.9 billion, representing a decrease of 73% as compared to the position as at 31 December 2017.

CAPITAL AND LIQUIDITY MANAGEMENT

The capital adequacy ratio of the Bank was 19.75% as at the end of 2018 (the end of 2017: 16.57%). The average liquidity coverage ratio for the year 2018 amounted to 166.5% (average of 2017: 134.8%).

ASSET QUALITY

Under the Bank’s prudent risk management policy, the asset quality remained continuously at a satisfactory level. As at the end of 2018, impaired loans amounted to HK$3,896 million while the impaired loan ratio increased by 15 basis points to 0.81% as compared with 2017.

As at 31 December 2018, the cumulative loan impairment allowances to loans measured at amortized cost aggregated to HK$5,076 million (2017: HK$4,397 million). This included impairment allowances of HK$2,129 million (2017: HK$2,108 million) for credit-impaired exposures and HK$2,947 million (2017: HK$2,289 million) for non credit-impaired exposures. The increase of impairment allowances was mainly due to the increase of loan portfolio.

As at 31 December 2018, total overdue advances increased by HK$738 million, to HK$3,463 million, as compared to the previous year-end position.

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BUSINESS REVIEW

Corporate Banking

During the year under review, Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)” or the “Bank”) actively sought business opportunities amid the market volatility. It performed well in business development, product innovation and market expansion. In respect of its business development, the Bank succeeded in acting as a lead arranger for various types of sizeable syndicated loans that met with enthusiastic responses from the market. The move greatly enhanced the overall competitiveness of its business of investment and financing. It also succeeded in assisting clients in issuing bonds a number of times despite the volatile market, and their bond issues were oversubscribed. The success in such cooperation cemented the Bank’s ties with enterprises.

The Bank fully understood its clients’ various needs in their businesses and innovated its mode of operation so as to satisfy their needs with specifically designed financial products, services and solutions. In expanding the market, the Bank held a “Belt and Road” cross-border financial forum under the theme of “Joining hands to make progress and capitalize on a promising future” in Hong Kong. Various high-performing enterprises from mainland China, Hong Kong and some foreign countries attended the event to discuss the development of an overseas treasury centre and the prospect of the overseas capital market in order to explore possibilities of “going global” together.

In April of 2018, ICBC Group set up its Asia Pacific Syndicated Loan Centre at ICBC (Asia) with the aim of organizing and deploying the ICBC Group’s resources in the Asia Pacific region and seizing opportunities the “Belt and Road” initiative brings to hasten development of the ICBC Group’s cross-border financial business. During the year under review, with its focus on major clients, the financing of sizeable projects and mainstay businesses, the Bank actively cooperated with other subsidiaries of ICBC Group in providing clients with comprehensive, integrated cross-border financial services and solutions to problems of their businesses, thus enhancing ICBC Group’s influence in the major markets.

Presently, the Bank has already established a mechanism for communication and cooperation with ICBC Group’s subsidiaries in Asia Pacific and more than forty sizeable projects are being followed. The Bank is now cooperating with about a dozen overseas subsidiaries of ICBC Group, some departments at the head office of the group and a policy bank in granting ten syndicated loans, of which ICBC Group was responsible for more than HK$10 billion. The loans were denominated in United States dollar, British pound, Australian dollar, New Zealand dollar and some other currencies and granted for the projects in Hong Kong, Malaysia, Australia, the United Kingdom, Singapore, Myanmar, Cambodia, Indonesia, the Philippines, New Zealand and Thailand. The companies that had taken out such syndicated loans included mainland Chinese and Hong Kong enterprises which are “going global”, companies which are involved in the projects of “Belt and Road” initiative and interconnection in the telecommunications industry and the leading enterprises in Asia Pacific. At the Asia Pacific Syndicated Loan Centre, the Bank developed by leaps and bounds its business relating to the projects of “Belt and Road” initiative, thus fulfilling the goals of its strategy of “Taking root in Hong Kong, Connecting with mainland China, Spanning across Asia Pacific, Facing the World”.

In 2018, the Bank was widely recognized by the industry and society at large for the part it played in the international financing of sizeable projects for China’s “Belt and Road” initiative. The Bank was awarded the “Best Chinese bank in the Region for “the Belt and Road” initiative in the category of Southeast Asia in the New Silk Road Finance Awards 2018 organized by Asiamoney magazine for its contribution to the financing of projects covered by “the Belt and Road” initiative in Southeast Asia.

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In 2019, the Bank will press ahead with its strategy of “Taking root in Hong Kong, Connecting with mainland China, Spanning across Asia Pacific, Facing the World” to drive the growth of its corporate banking business. It will explore clients’ needs in depth and consolidate its lending business. Meanwhile, the Bank will endeavor to provide comprehensive, integrated services and leverage its advantage in coordinating its various operations in cross-selling. It will continue with its customer-oriented approach to the creation of value by providing customers with one-stop financial service. This will enable steady development of the corporate banking business.

Retail Banking

In 2018, the Bank’s retail banking business continued to grow rapidly on the back of expanded customer base and optimized business mix. The business recorded satisfactory growth in deposits, loans, sales of investment and treasury products. Its customer base continued to grow, with a significant increase of ratio in affluent customers.

Deposit portfolio continued to be strong and solid because the Bank’s two flagship products, “Flexi Plus” and “Interest Plus”, actively attracted low-interest deposits. The Bank also conducted several promotional campaigns during the year to attract new funds in the form of deposits. In recognition of its well-received products and campaigns, the Bank won awards, namely “Excellence Award for Deposit Services” from Sky Post, which is a subsidiary of Hong Kong Economic Times Holdings Limited, and “Excellent Brand of Deposit Services” from Metro Finance.

Loans business continued to increase in size. In addition to the well-established conventional businesses of mortgage and small and medium-sized enterprise (“SME”) lending, the business of insurance premium financing also became a new growth driver with revenue hitting a record high during the year. Moreover, the Bank also strived for enhancement of the types of secured loans. For instance, it launched financing schemes with mutual funds and shares as pledges. The standby overdraft facility can be up to 10 times the market value of the acceptable collaterals. By depositing the mutual funds and/or shares in designated investment accounts, customers can enjoy maximum financial flexibility as the overdraft limit will be adjusted according to the collaterals’ market value and the ratio of loan to the value of pledges.

For its wealth management business, the Bank formed a partnership with FWD Life (“FWD”) in providing bancassurance, which enriched the portfolio of its insurance products with a series of life insurance products and services, including endowment insurance, universal life insurance and medical protection products. These products can better meet customer needs for savings and insurance coverage. Furthermore, an online “Funds Navigator Service Platform” was launched during the year to enhance customer experience of wealth management. Customers can search for more information on mutual funds and facilitate portfolio asset allocation by using the new self-service tool.

The Bank also focused on meeting the needs of cross-border customers. The customer base of the Bank’s cross-border banking continued to grow in number and asset size. The cross-border business has also achieved a significant growth. In 2018, the Bank conducted tours for its cross-border customers again under the theme of “Studying in Hong Kong”. The well-received activities were aimed at promoting the comprehensive cross-border banking services and providing information on study abroad for the customers and their children.

For the securities and brokerage business, the Bank remains oriented towards the needs of its customers and adjusted its business strategy in a timely manner. For instance, it expanded its mid-range to high-end customer bases actively. The move resulted in steady development of the business during the year. In addition, the Bank grasped the opportunities in finance technology (FinTech) development by launching the “ICBC Securities” mobile application and two-factor authentication for the investment service, so as to provide customers with better and safer securities services.

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As to its retail banking network in Hong Kong, the Bank also further enhanced the networks of its branches and automated teller machines. As of 31 December 2018, the Bank provides services through 56 retail outlets and 175 automated teller machines in areas with high pedestrian traffic. The Queen’s Road Central Branch and the Telford Branch were relocated and had cozy interior design to enhance customer experience. Moreover, to align its business with the state policy on fostering development of the Guangdong-Hong Kong-Macao Greater Bay Area, the Bank opened a new Personal Banking Centre at the West Kowloon Station of the Guangzhou-Shenzhen-Hong Kong Express Rail Link, so as to provide convenient banking services for customers across the border between Hong Kong and the mainland China.

In 2019, the Bank will continue to develop its retail banking business by exploring possibilities for tapping the potential of the market. For example, it will leverage the FinTech and provide innovative products and quality services to meet customers’ needs, thus enhancing the core competencies of the Bank’s retail banking business.

Renminbi Business

To adapt itself to the internationalization of renminbi, the Bank has been leveraging ICBC Group’s overall strength in the renminbi business when pressing ahead with reform and innovation in its own renminbi business.

The Bank retained the position as a major offshore Renminbi (CNH) market maker and ranked among the leading players by trading volume on Thomson Reuters FXall platform. Also, the Bank was awarded the title of the “Key Business Partner in FIC Market” by the Hong Kong Exchanges and Clearing Limited for the second consecutive year in recognition of its continued contribution to making market for offshore renminbi futures.

As to the trade finance business, the Bank strengthened its cooperation with the businesses and institutions in China’s free trade zones and the Guangdong-Hong Kong-Macao Greater Bay Area, thus facilitating both the onshore and offshore financing activities. It also leverage its geographical advantage in the market by coming up with products with distinguishing features and by exploring new ways to conduct cross-border, renminbi-denominated trade finance.

For its outstanding performance in Bond Connect business, the Bank was awarded the title of “Bond Connect Best Custodians” at the Bond Connect Anniversary Summit. Also, the Bank launched the “ICBC Securities” mobile application which is tailored for its customers to provide with convenient and reliable mobile securities-trading services, thus bolstering the Bank’s Shanghai-Hong Kong/Shenzhen-Hong Kong Stock Connect business.

Regarding the renminbi clearing and settlement business, the bank vigorously participated in the operation and upgrading of the Cross-Border Interbank Payment System (“CIPS”) and launched the “Faster Payment System (FPS)” to give support to the HKMA’s initiative to popularize efficient retail payment services. As one of the first participants in the above-mentioned initiative, the Bank has enhanced its competitiveness in the market for offshore renminbi clearing.

In 2019, the Bank will remain committed to promoting the development of cross-border renminbi business, improving the connectivity between mainland China and Hong Kong, enhancing Hong Kong’s status as the offshore renminbi business center, and facilitating the internationalization of renminbi.

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Institutional Business

To cope with the complicated and volatile operating environment in 2018, the Bank’s institutional business actively gave its advantages such as competitive products and diverse distribution channels full play. This enabled it to achieve significant progress in key areas such as attracting new customers, the transformation and innovation of its business, coordinated development with other operations within the ICBC Group and risk management.

In 2018, the customer base of the Bank’s institutional business steadily expanded. It not only expanded its customer base of banking and non-bank financial institutions, but also increased its cooperation with global clients such as central banks, sovereign wealth funds and local clients in Hong Kong. This resulted in the expansion and optimization of its customer base. The Bank actively diversified the products of its institutional business to better serve the customer needs while reinforcing the development of its staple products. For instance, it launched a number of innovative products and businesses such as the Bank-enterprise connection system, capital call loan Bond Connect financing project and trade finance resale business, etc. They met with good responses from the customers.

The Bank actively improved the functions of its institutional business and manifested its advantage as ICBC Group’s flagship operation in the overseas markets. As a result, the institutional business has been functioning as a unit that organizes the coordinated development of the Bank and other business units within the ICBC Group, especially such coordinated development in the Guangdong-Hong Kong-Macao Greater Bay Area. In addition, the Bank strengthened the client access control, formalized the rules of internal operation and refined its workflow. All these measures have enhanced the Bank’s regulatory compliance and risk management.

In 2019, the Bank will continue to closely keep pace with the economic development and trends on the financial market so that it can meet the needs of the customers promptly and continue to expand the customer base of its institutional business. Meanwhile, it will strengthen the coordination between corporate banking and retail banking, and leverage the broad concept of transaction banking so as to provide a comprehensive range of financial services that meet the needs of customers in their businesses. It will achieve this purpose by cooperating actively and comprehensively with the Hong Kong government-funded institutions and by strengthening the coordinated development between the Bank and other ICBC branches or subsidiaries in the Guangdong-Hong Kong-Macao Greater Bay Area.

Global Market Business

In 2018, global economic growth slowed down, and the situation was exacerbated by the trade war and uncertainties of escalating geopolitical tensions. Despite the unfavorable market conditions, the Bank’s global market business actively seized opportunities in different sectors and expanded market shares while controlling risks effectively. As a result, its revenue and profit remained stable.

In 2018, the USD interest rates rose significantly while much of the Bank’s debt securities matured in its bond portfolio. This boosted the reinvestment yield. In the meantime, the portfolio managers took a dynamic allocation approach to manage the duration, and maintained a modest risk appetite. In addition, the Bank proactively explored opportunities for cross-market investments, including those in Renminbi, thus boosting substantially the interest income from its investment portfolio. Despite the significant fluctuations in credit market, the Bank maintained the credit quality of its investment portfolio at a high level, thanks to its portfolio managers’ prudent approach to credit analysis when selecting the types of bonds for investment as well as their flexible use of hedging strategies.

As to the customer-driven business, the Bank persevered in innovating its products and marketing channels. During the year, the Bank successfully expanded scope of its business of renminbi purchase and sale, and developed products relating to the foreign exchange rates and interest rates of the currencies of the countries covered by the “Belt and Road” initiative. They turned out to be well-received products and services. The Bank has also been making great effort to diversify its revenue sources in terms of product variety and client base. Profit contribution of retail and private banking businesses in terms of treasury products has substantially increased.

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The Bank’s market making business has proven to be a success by continuously providing competitive quotes in local currency markets, including offshore RMB and Hong Kong dollar. The Bank’s market share has been steadily increasing and it remained a top-ranked industry player in terms of trading volume on major electronic trading platforms. The Bank has also received awards from its key business partners, including the titles of “Key Business Partner in FIC Market” awarded by Hong Kong Exchanges and Clearing Limited, the title of the best provider of the “TR FX Workflow Solutions” and the title of the best performer in the category of “E-FX Execution - Chinese Banks” awarded by Thomson Reuters. In 2018, the Bank’s online market making business continued to expand its market coverage and its proportion in the Bank’s entire market making business was rising gradually in terms of volume and revenue.

In 2019, the global economic outlook is expected to remain clouded by uncertainties. However, the Bank’s global market business still sees a silver lining to the uncertain situation. The Bank will actively tap what is likely to be growing demand for wealth management and hedging. It will persistently enhance its core competencies so as to achieve steady growth in business.

Asset Management

In 2018, ICBC Asset Management (Global) Company Limited (“ICBC AMG”) , the wholly owned subsidiary of the Bank, maintained its rapid growth. As of the year ended 31 December 2018, total assets under management and advisory business had reached HK$121.7 billion, up by 12% compared with 2017.

Throughout the year, ICBC AMG made several significant achievements in investment management, product development, business cooperation, system enhancement and risk management. For instance, the Hong Kong mutual funds and separately managed accounts under ICBC AMG achieved remarkable returns and this earned ICBC AMG a ranking among the best in the same category of funds in Bloomberg and “the Supernova of the Year”, “the Best Off-shore RMB Bond Fund (3 Years)” and “the Best Emerging Market Debt Fund (3 Years)” from the Insights & Mandate Professional Investment Awards 2018; investment in private equity projects grew substantially by focusing on some industries with development potentials, such as education, internet, consumption upgrade and artificial intelligence, etc.; product lines were further diversified through the promotion of various new products throughout the year, including Offshore Cash Management Funds, Senior Secured Loan Fund, Bond Connect Fund and pre-IPO Fund, etc.; ICBC AMG further expanded its client base through close cooperation with its parent company ICBC (Asia) and other domestic and overseas business units of ICBC Group. Such cooperation involved the further development of the distribution channels and the organization of training in products and seminars for introducing ICBC AMG’s business for both major clients and ICBC branches in mainland China; the operation management and monitoring capabilities were further enhanced through the upgrading of ICBC AMG’s core business system; the risk management and regulatory compliance were further strengthened through the optimization of the procedure of product innovation and business operation.

ICBC (Asia) Investment Management (Shenzhen) Company Limited, ICBC AMG’s wholly owned subsidiary in Shenzhen, completed the registration with the Asset Management Association of China for its first private equity master fund and promoted its first qualified foreign limited partners (“QFLP”) fund in 2018.

In 2019, ICBC AMG will continue to invest more resources into the enhancement of its investment management capability, the enrichment of its product mix and the expansion of its distribution channel. For instance, it will develop more diverse and cross-market asset management products such as those relating to China’s economy and the new economy and equity investment in high-performing companies. As to the expansion of its distribution channels, ICBC AMG will leverage its own advantages such as various licences for cross-border asset management. It will meet the needs of both domestic and foreign investors for cross-border allocation of assets, improve both its products and services comprehensively, and expand its business of asset management advisory service with the aim of enhancing its status in the market.

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Global Capital Financing

Leveraging the parent bank’s strengths such as enormous capital, broad customer base, extensive sales channels and network, the Bank has gradually expanded its businesses across different traditional commercial banking areas. At the same time, it keeps exploiting the potential of global capital financing services. The Bank’s businesses of bond underwriting, syndicated loans and loan asset trading have been growing over the years and play an important role in Asia Pacific capital markets.

Momentum of robust growth in the Bank’s bond underwriting business continued in 2018. The Bank remained active in the market for mainland Chinese enterprises’ offshore bonds and acted as a lead arranger for the first-time issues for many large state-owned and provincial government-owned enterprises of China. The Bank’s bond underwriting for financial institutions was growing noticeably in terms of business volume. Notably, the Bank also made breakthroughs in the types of bonds issued which included green bonds, perpetual bonds, and multi-tenor and multi-currency bonds. It also continued to play the role of global coordinator frequently in the transactions of bond underwriting. All these had enhanced the Bank’s market status and helped increase the number of deals it undertook. During the year, the Bank underwrote a total of 61 deals, including those involving local- and foreign-currency bonds, medium-term notes and certificates of deposits. Total value of all the issues amounted to HK$33 billion. The Bank has become one of the most prominent and influential underwriters in the market.

In addition, the Bank further developed its loan syndication business. Total volume of syndicated loans arranged by the Bank in 2018 increased by 39% to HK$68.4 billion, thus improving ICBC’s ranking to 2nd in the Hong Kong and Macau Mandated Arranger League Table for 20181. As a lead arranger, the Bank arranged for loan syndication for a number of companies, including Far East Horizon Limited, Country Garden Holdings Company Limited, China Jinmao Holdings Group Limited and CNCB (Hong Kong) Investment Limited, etc. Notably, the arrangement for the financing of an acquisition made by China Vanke Group was one of the major transactions that set a benchmark in 2018.

In respect of loan asset trading business, the Bank actively participated in the secondary loan market, and improved its own asset turnover and liquidity through trading on the secondary loan market. Its secondary loan business maintained its majority share of the market. Furthermore, in line with the strategy for developing its Asia-Pacific businesses, the Bank had promptly built up its Asia-Pacific loan trading network during the year.

Meanwhile, the Bank has been actively exploring ways to develop its financial advisory services business, which has been expanding in the areas of cross-border mergers and acquisitions, privatization and equity investment, etc. It has provided financial advisory services to various industries, including public utilities, real estate, manufacturing, entertainment and media, etc. A broad customer base in the wide range of industries has laid a solid foundation for its future development and thus means a bright prospect.

In 2019, the Bank will actively seize opportunities presented by the “Belt and Road” initiative, the Plan for Fostering the Development of the Guangdong-Hong Kong-Macao Greater Bay Area and renminbi’s internationalization. It will do so by providing comprehensive global capital financing services for customers, thus reinforcing its status in Asia Pacific capital markets.

1Source: LOANCONNECTOR

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Development of Financial Technology and Internet Finance Business

In 2018, the Bank actively grasped the opportunities brought by the New Era of Smart Banking in Hong Kong. It put forth a great effort on FinTech, with which it innovated its businesses and improved internal control and business management. It also pressed ahead with the transformation and upgrading of internet finance business to provide high-quality internet financial services for both personal and corporate customers.

In 2018, the Bank took great efforts to research on innovation of FinTech, develop and launch innovative products that embody the application FinTech, and enhance the capability of its technological system to support its business operations. In its research on innovation of FinTech, the Bank made significant progress in the fields of the most advanced technologies such as big data, artificial intelligence, blockchain and biometric authentication by having developed either by itself or jointly with other parties the platforms for the respective technologies mentioned above and prototypes of a series of applications. The Bank also developed and launched various innovative products and services that embody the application of FinTech, including “Smart POS Integrated Acquiring Platform”, “ICBC Cross-border Bill Payment Service”, “WeChat Pay HK Credit Card Payment” and adoption of cheque deposit machines. In particular, the Bank cooperated with Tencent in launching “WeChat Pay HK Credit Card Repayment” in Hong Kong which it was the first of its kind in the city. The Bank fully adopted DevOps and the “distributed architecture” in its communication network to enhance both the automation of the research on and development of the technological system and the reliability of such system. The Bank also adopted various advanced systems to improve information security of the Bank’s internal network. Moreover, the Bank also gave its full support to Hong Kong Monetary Authority’s endeavor to develop financial technology. For instance, the Bank became one of the first participants in the Faster Payment System (FPS), Hong Kong’s first large-scale multi-bank blockchain project “eTradeConnect”. In January 2019, the Bank also became one of the first banks in Hong Kong to officially launch the open application programming interface (API) service.

The Bank continues to innovate, make breakthroughs and expand the market to provide customers with more comprehensive, more convenient and more high-end internet finance services. In its mobile banking service, the Bank always puts great emphasis on customer needs and has applied FinTech to launch innovative products and services, such as “ICBC Securities” mobile application, “Shanghai-Hong Kong/Shenzhen-Hong Kong Stock Connect” online trading, mandatory security functions for investment transactions and security tokens for transactions, etc. In its online banking service, the Bank focused on improving customer experience. During the year, the Bank’s personal internet banking adopted such enhanced functions as ICBC Messenger and the service of issuing online notices to the customers. At the same time, the Bank launched a new version of corporate internet banking successfully with re-designed user interfaces, safer operating procedures, clearer transaction instructions and enhanced account management. In its e-commerce service, the Bank maintained to operate its cross-border e-commerce platform “ICBC Mall” smoothly. The e-commerce platform has helped to foster the development of the Bank’s financial services. The Bank also cooperated with ICBC’s branches in the Guangdong-Hong Kong-Macao Greater Bay Area so as to increase the brand awareness of the e-commerce platform. During the year, 77% of its customers used the Bank’s services through electronic banking. The Bank’s endeavours on developing and improving its mobile banking services has been widely recognized by its customers, the market and the industry, so much so that it won the award of the “Capital Excellent Mobile Banking” in the “CAPITAL Merits of Achievements in Banking and Finance 2018” organized by CAPITAL Magazine.

Looking ahead to 2019, the Bank will continue its effort to achieve breakthroughs in FinTech area. It will actively explore the possibilities of using the latest technology to facilitate its business transformation and development as well as to further the adoption of smart technology in its distribution channels, products and marketing campaigns. Such measures will serve to enhance the Bank’s brand in technology and thus its overall competitiveness. They are conducive to the introduction of more high-end, cutting-edge and innovative financial services.

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Cash Management Business

ICBC Asia-Pacific Cash Management Center (“CMC”) is the first regional cash management center established within the ICBC group. Through CMC, ICBC (Asia) has actively carried out cash management businesses. Throughout eight years of development, CMC has developed a comprehensive cash management product line, including account management, receivables and payment solutions, liquidity management and interest optimization products for short-term investment. As at the end of 2018, CMC has accumulated rich experience through spearheading numerous regional projects, providing cross-border cash management services for more than 3,300 Hong Kong, mainland Chinese and foreign corporations.

In 2018, the business of CMC developed rapidly. By firmly grasping the business opportunities arising from the Hong Kong government’s preferential tax policy, the Bank thoroughly developed the three markets of Hong Kong, mainland China and the rest of Asia Pacific. It did so by cooperating with both offshore and domestic subsidiaries and branches of ICBC Group in winning new business with Chinese enterprises. Notably, it assisted several large mainland Chinese corporations in setting up their corporate treasury centers in Hong Kong by providing cash management services for them. Meanwhile, by actively developing core products and taking multiple measures, the Bank continued to develop the local market of Hong Kong and expand its share. In terms of cross-border customer service, the Bank and the overseas institutions of ICBC Group jointly serve clients. This has enhanced the Bank’s cash management service and brand image. For the IPO receiving bank services, the Bank continued to maintain its leading position in the industry by completing over 40 projects as an IPO Receiving Bank in 2018.

In 2018, the Bank continued to launch new cash management products and services, which added impetus to the development of cash management business. As the first overseas subsidiary of ICBC Group to launch the well-received Host-to-Host Service, the Bank has provided the clients with a new cash management service channel. In addition, the Bank has also been the first overseas subsidiary of ICBC Group to launch Integrated Business Account, thus successfully expanding its sales channel in the market for local cash management. The Bank also further developed its cross-border cash management services by leveraging the strong network and resources of ICBC to launch the Cross Border Business Registry during the year. The service assists Hong Kong enterprises in conveniently facilitating their business services in mainland China. Furthermore, Account Information Report and Global Centralized Payment were also launched in the year and they turned out to be well-received services to greatly enhance the clients’ account management ability and fund operation efficiency.

In 2019, the Bank will continue to capitalize in government policies, reinforce its foothold in Hong Kong and expand the cash management product line while striving for innovation, with the aim of meeting the business needs of the clients and continuing to create the greater value and to improve its competitiveness in Asia Pacific.

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Private Banking

In 2018, the Bank’s private banking business (“Private Banking”) kept developing, with continued growth in both the number of customers and assets under management. As ICBC Group’s core and flagship operation for globalizing its private banking business, Private Banking cooperated closely with its parent company, ICBC’s local and overseas branches, and third-party institutions in providing the high-net-worth customers with comprehensive financial services which serve as an integrated solution for investment and financing.

During the year, Private Banking strengthened the cooperation within the ICBC Group, enhanced its product portfolio, improved its business processes, consolidated its non-financial value-added services, stepped up its effort to build the team and enhanced its internal control. All the measures were aimed at increasing its overall capability of maintaining internal control and developing business. To expand its customer base, Private Banking not only continued to attract more traditional high-net-worth customers but also sought to attract a new, emerging class of wealthy individuals, represented by some senior executives of new industries. The move has added impetus to the Private Banking development for the long term. Meanwhile, Private Banking takes a customer-oriented approach to the enhancement of its product portfolio. It provided its customers with select, high-quality private banking products, and diverse, personalized solutions for investment.

At the beginning of 2018, the brand ICBC (Asia)’s private banking business was specifically established, providing comprehensive non-financial value-added services that met the needs of the customers of that business. For instance, Private Banking cooperated with the parent company and ICBC’s branches in mainland China in organizing “Financial Practice and Integrated Development Programme” for the offspring of high-net-worth clients to meet their demand for education at elite schools.

In 2019, Private Banking will transform its business by pursuing the strategy of expanding and diversifying its retail banking, and actively adopt the “One ICBC” concept so as to fully utilize the enormous resources and powerful service platforms of ICBC Group. Such moves will enable the Bank to strengthen its customer relationship management, step up market development, enrich the portfolio of its products and services, and enhance the role of financial technology in bolstering up the development of all its businesses. All this will ultimately enhance customers’ satisfaction with Private Banking services and its reputation.

Credit Card Business

In 2018, to cope with the keen competition in Hong Kong’s credit card market, the Bank’s credit card business continued to adopt the market segmentation strategies by launching credit cards under different themes and with distinguishing features. Such moves were aimed at widening its customer base and thus expanding its market share.

During the year, the Bank aggressively developed the customer base in the Hong Kong market and optimized the processes of business operation and management with the aim of making credit card an important channel to attract new customers to the Bank’s retail banking business.

The Bank launched the ICBC Greater Bay Area Credit Card, providing customers with comprehensive and attractive cross-border transportation, telecommunication and leisure privileges and bringing the wonderful experience of “One Credit Card for ALL” to the customers. It also launched Horoscope Credit Card to offer attractive cash rebates. Such well-received credit cards under different themes and with distinguishing features meet the needs of more customers of different market segments.

In its merchant acquiring service, the Bank continued to optimise its strategy for marketing its services to merchants and to add more to the categories of such merchants with focus on those that meet the local people’s needs in daily life. In addition, the Bank also worked to unify the online and offline operations of its merchant acquiring service. In 2018, the Bank’s merchant acquiring service recorded double-digit growth in turnover, driving the development of its credit card business.

Looking ahead to 2019, the Bank will continue to expand its credit card business by extending the scope for application of credit cards in consumption and by exploring new ways to attract new customers. It will also step up the effort to innovate products and offer more privileges and unique consumption experience for customers thus improving product competitiveness.

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Chinese Mercantile Bank

In 2018, Chinese Mercantile Bank (CMB), the Bank’s wholly-owned subsidiary, continued to develop steadily in its overall businesses. Its profit before provision increased by 18.03% to HK$2.253 billion, which was another record high. CMB’s net profit grew by 2.77% to HK$1.38 billion. The non-performing loan ratio of 0.64% showed that the asset quality remained stable and that CMB enhanced its capability to withstand risks.

During the year, following the strategy of “Making Progress while Maintaining Stable performance”, CMB achieved modest asset growth on the back of a further optimized asset structure, and its firmer footing with regard to its liabilities. For its assets, CMB expanded the amount of loans by increasing the proportion of conventional and personal loans, and increased investment in bonds to improve both the fund utilization efficiency and the return on assets. For its liabilities, CMB stepped up the efforts to innovate deposit products, issued RMB5 billion worth of bank debentures for the first time, and diversified the sources of its liabilities, thus constantly extending the debt maturity and its capability to manage liabilities.

In the process of business transformation, CMB seeks to distinguish itself from competitors by providing specialized and premium products and services with professionalism. Firstly, it deepened strategic cooperation with ICBC Group in business development. Secondly, aiming at the personal loan market, CMB became the first foreign bank that supports the “conversion of personal housing mortgage loans to personal housing accumulation fund loans” in Shenzhen and the personal loans grew substantially. Thirdly, CMB expanded the range of products for clearing by providing customers with several innovative corporate deposit products such as “Jiejiegao（節節高）”, which marked a breakthrough in the business of clearing and cash management.

CMB constantly promoted standardized management, improved comprehensive risk management system, and enhanced credit risk management. As a result, its internal risk control capability has been significantly enhanced. CMB has been acknowledged as a “Headquarters Company” in Shenzhen and given the highest corporate credit rating of “AAA” by China Cheng Xin International Credit Rating Co. Ltd. In addition, CMB won several honors such as the “Outstanding Member of Chinese Bond Market” from China Central Depository & Clearing Co., Ltd, the award of “Foreign Bank Brand for 2018” from Shenzhen Special Zone Daily and the title of “The Most Socially Responsible Corporation” from Shenzhen Banking Association. The accolades showed CMB’s enhanced market position and increased brand influence.

In 2019, CMB will stick to the guidelines of “Steady Progress, Collaborative Empowerment, and Breakthroughs in Innovation”. While emphasizing risk management and regulatory compliance, CMB will give its strengths full play, press on with the reform of its management system, step up innovation with FinTech, and deepen its strategic cooperation with ICBC Group. CMB will continue to pursue its business transformation, innovation and steady development while consolidating what it has achieved in its various businesses.

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Human Resources

The Bank always regards its staff as its most valuable asset. It adopts a “people-oriented” management concept and continuously promotes the development of strategic human resources management to drive the development of both the Bank and its employees.

In 2018, the Bank proactively recruited various types of talents, held recruitment seminars and job fairs in various institutions and actively explored different channels to acquire talents. As of 31 December 2018, the total number of employees of ICBC (Asia) Group was 2,966. The Bank also invested heavily in developing the leadership skills and professional competency of its staff. During the year, the Bank organized personalized leadership development programs for different levels of management personnel and key talents and rolled out systematic business training programs to further enhance the core competency of its staff.

The Bank is committed to promoting a sound bank culture based on the three pillars developed and promulgated by the HKMA. It has also aligned the goals of the Bank with those of its staff through the continuous improvement of its performance management mechanism and the implementation of diverse incentive measures during the year.

In caring for its employees, the Bank launched flexible group medical plan and critical illness benefit as well as increasing the number of days of leave for maternity, paternity, birthday and annual leave etc. during the year to provide employees with a healthy and energetic lifestyle and work environment.

During the year, the Bank received the industry recognition for its efforts and achievement in employee caring, employee engagement and talent development. For instance, the Bank was awarded the “Good MPF Employer Award” by the Mandatory Provident Fund Authority, “Best Employee Engagement Award” by the Hong Kong Economic Times Ctgoodjobs, and “Employer of Choice Awards 2018” and “Next Generation Development Award” by Sing Tao Daily Job Market.

In 2019, the Bank’s human resources management work will mainly focus on corporate culture building, enhancement of team capability, improvement of internal management effectiveness and etc. to contribute to the growth of the bank and its staff.

Corporate Social Responsibility

The Bank believes in fulfilling its corporate social responsibility by giving back to society, and as such, it actively participates in charitable causes. In 2018, the Bank was awarded the logo of “Caring Company” by The Hong Kong Council of Social Service for the sixteenth year in recognition of its unswerving commitment to serving society.

As the Chairman of Caritas Hong Kong Fund Raising Committee for 20 consecutive years, the Bank remains committed to fully supporting Caritas Hong Kong in its fund-raising activities, including organizing the Charity Golf Day, making donations to the Caritas charity events, sponsoring Caritas’s charity sales of cookies, taking part in bazaars, and participating in the sales of Caritas raffle tickets, etc. The Bank’s staff also participated in “Caritas x ICBC (Asia)” volunteers program, as a way to serve society and spread the Bank’s love and care to people of all walks of life. Besides, to further promote the green culture of the Bank, the Bank sponsored a series of training workshops for 25 schools and Caritas’ Centres to promote environmental protection. In 2018, the Bank helped Caritas Hong Kong raise more than HK$3.7 million.

46



The Bank also actively participated in other types of charity projects:

In the field of the arts and culture, the Bank solely sponsored the finale performance of the Hong Kong Arts Festival for the sixth consecutive year to promote the development of the international arts and culture in Hong Kong; The Bank sponsored Hong Kong’s first international sculpture park “Harbour Arts Sculpture Park” presented by Hong Kong Arts Centre and held a photography competition under the same theme. The event brought artistic and cultural vitality to Hong Kong as well as enriched the lives of the citizens.

In sport for charity, the Bank organized a charity run called “ICBC (Asia) Hero Run 2018”, which attracted more than a thousand contestants. It also participated in the Walk for Millions for the seventh consecutive year in which the number of participants hit a record high. The Bank also entered the charity run called Bloomberg Square Mile Relay for the third consecutive year. All this has demonstrated the Bank’s full support for local sports events for charity.

As its support for environmental protection, the Bank signed up to A Waste Reduction Guidebook For Large-scale Event Organisers promulgated by Environmental Protection Department and Charter on External Lighting of Environment Bureau. It also actively promoted the concept of “Green Office” at its own office by implementing measures to reduce waste, save energy and reuse materials.

To support the development of the cultural and creative industries in Hong Kong, the Bank continued to sponsor Hong Kong Tourism Board’s mega events “ICBC (Asia) e-Sports & Music Festival Hong Kong” and successfully held “ICBC (Asia) Team Up 2018 e-Sports Fever”. The Bank worked together with the Tourism Board to boost the development of the Hong Kong e-sports industry.

To popularize wealth management education under the concept of “Banks and the Community, We Care, We Share” promulgated by The Hong Kong Association of Banks, the Bank participated in a number of events to fulfil its corporate social responsibility, namely “Financial Interactive Theatre”, “Financial Education Workshop” and “ATM Education Talks for Elderly”, etc.

In 2019, the Bank will continue to fulfil its corporate social responsibility by organizing and participating in various charitable events in Hong Kong. This is how it will try to contribute to a harmonious and caring society.

47


Biographical Details of Directors & Senior ManagementAs at 26 March 2019

Ms. Gao Ming (Chairman & Executive Director)

Ms. Gao, aged 53, was appointed as the Chairman and Executive Director of the Bank in February 2017. She is the Chairman of Strategy and Corporate Governance Committee of the Bank. Ms. Gao holds two Master’s Degrees, one in Applied Finance from Macquarie University and another in English from Jilin University of Technology. She has over 30 years of banking business experience and served in several positions including the General Manager of Industrial and Commercial Bank of China, Luxembourg Branch, the Chairman of Industrial and Commercial Bank of China (Europe) S.A. and the General Manager of the International Business Department of Industrial and Commercial Bank of China Limited.

Mr. Wu Long (Vice-Chairman, Executive Director & Chief Executive Officer)

Mr. Wu, aged 47, was appointed as the Executive Director and Chief Executive Officer of the Bank in August 2018 and was appointed as the Vice-Chairman of the Bank in January 2019. He is a Member of Strategy and Corporate Governance Committee and Risk Management Committee of Board of Directors of the Bank. Mr. Wu holds a Bachelor’s Degree in National Economic Management from Henan University of Finance and Economics (Now known as “Henan University of Economics and Law”), a Master’s Degree in Business Administration from Sun Yat-sen University and an Executive Master’s Degree in Business Administration from China Europe International Business School. Mr. Wu has over 23 years of banking experience and served in several positions including Vice Chairman, Executive Director and General Manager of Industrial and Commercial Bank of China (Macau) Limited, Vice President of Industrial and Commercial Bank of China Limited, Anhui Provincial Branch and President of Industrial and Commercial Bank of China Limited, Guangdong Jiangmen Branch.

Mr. Lu Jian (Executive Director, Deputy Chief Executive & Alternate Chief Executive)

Mr. Lu, aged 42, joined the Bank in February 2017 as the Assistant Chief Executive. He was appointed as the Deputy Chief Executive of the Bank in August 2017 and was appointed as the Executive Director and Alternate Chief Executive of the Bank in October 2017. Mr. Lu is a Member of Risk Management Committee of Board of Directors of the Bank. Mr. Lu holds a Bachelor’s Degree in International Finance from Dongbei University of Finance & Economics and a Master’s Degree in Financial Analysis from The Hong Kong University of Science and Technology. He is also a Chartered Financial Analyst Charterholder. Mr. Lu has over 18 years of banking experience. He had served in the Bank for over 8 years from April 2007 to July 2015 and once served as the Executive Director and Chief Executive of Industrial and Commercial Bank of China (Thai) Public Company Limited.

Mr. Xi Deying (Non-executive Director)

Mr. Xi, aged 58, was appointed as a Non-executive Director of the Bank in May 2017, he is the Alternate Chairman of Audit Committee and a Member of Nomination Committee of the Bank. Mr. Xi holds a Master’s Degree in Business Administration from Murdoch University, Australia and a Bachelor’s Degree in Economics from Xi’an Jiaotong University. Mr. Xi has over 36 years of banking experience and is the Senior Expert and Accredited Director of Administration Office of Directors and Supervisors to Subsidiaries of Corporate Strategy and Investor Relations Department of Industrial and Commercial Bank of China Limited. Mr. Xi is currently the Chairman of Industrial and Commercial Bank of China (Argentina) S.A. and Non-executive Director of Industrial and Commercial Bank of China (Brasil) S.A..

Mr. Hong Guilu (Non-executive Director)

Mr. Hong, aged 52, was appointed as a Non-executive Director of the Bank in December 2016. He is a Member of Audit Committee and Strategy and Corporate Governance Committee of the Bank. Mr. Hong holds a Master’s Degree in Accounting from George Washington University. Mr. Hong has over 18 years of banking experience and is the Expert and Accredited Director of Administration Office of Directors and Supervisors to Subsidiaries of Corporate Strategy and Investor Relations Department of Industrial and Commercial Bank of China Limited. He is currently the Non-executive Director of Chinese Mercantile Bank.

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Mr. Shang Jun (Non-executive Director)

Mr. Shang, aged 59, was appointed as a Non-executive Director of the Bank in September 2017, he is the Alternate Chairman of Risk Management Committee of Board of Directors and a Member of Remuneration Committee of the Bank. Mr. Shang holds a Master of Business Administration Degree from Fudan University and The University of Hong Kong and a Master Degree in Economics from Zheng Zhou University. Mr. Shang has over 42 years of banking experience and is the Senior Expert and Accredited Director of Administration Office of Directors and Supervisors to Subsidiaries of Corporate Strategy and Investor Relations Department of Industrial and Commercial Bank of China Limited. He is currently the Chairman of ICBC Credit Suisse Asset Management Co., Ltd. and a Non-executive Director of Industrial and Commercial Bank of China (Macau) Limited.

Professor Wong Yue Chim, Richard, S.B.S., J.P. (Vice-Chairman, Independent Non-executive Director)

Professor Wong, aged 66, was appointed as an Independent Non-executive Director of the Bank in July 2000 and was appointed as the Vice-Chairman of the Bank in January 2019. He is a Member of Strategy and Corporate Governance Committee, Audit Committee and Nomination Committee of the Bank. Professor Wong holds a PhD in Economics from The University of Chicago. He is Professor of Economics at The University of Hong Kong. He has been active in advancing economic research on policy issues in Hong Kong and the People’s Republic of China through his work as founding Director of both the Hong Kong Centre for Economic Research and Hong Kong Institute of Economics and Business Strategy. Professor Wong was awarded the Silver Bauhinia Star in 1999 by the Government of the HKSAR for his contributions in education, housing, industry and technology development. Professor Wong is currently an Independent Non-executive Director of Great Eagle Holdings Limited, Orient Overseas (International) Limited, Pacific Century Premium Developments Limited and Sun Hung Kai Properties Limited, all of them are listed on the Hong Kong Stock Exchange.

Mr. Tsui Yiu Wa, Alec (Independent Non-executive Director)

Mr. Tsui, aged 69, was appointed as an Independent Non-executive Director of the Bank in August 2000. He is the Chairman of Risk Management Committee of Board of Directors and also a Member of Audit Committee and Remuneration Committee of the Bank. He holds a Bachelor of Science Degree and a Master of Engineering Degree in Industrial Engineering from University of Tennessee. He has completed the Program for Senior Managers in Government at the John F. Kennedy School of Government at Harvard University. Mr. Tsui was the Adviser and Council Member of the Shenzhen Stock Exchange from July 2001 to June 2002 and was the Chief Executive of Regent Pacific Group Limited, a Hong Kong listed investment company, from August 2000 to February 2001. He was also the Chairman of Hong Kong Securities Institute from December 2001 to December 2004. He joined The Stock Exchange of Hong Kong Limited in 1994 as an Executive Director of the Finance and Operations Services Division and became the Chief Executive from 1997 to 2000. He was also the Chief Operating Officer of Hong Kong Exchanges and Clearing Limited from March 2000 to July 2000 and the General Manager (Finance, Technology & Human Resources), and then Assistant Director (Licensing), and at the same time the General Manager (Human Resources) of the Securities and Futures Commission of Hong Kong from 1989 to 1993. Mr. Tsui also involved in numerous government and community activities, including being a former Chairman of the Supervisory Committee of Tracker Fund of Hong Kong and the Organizing Committee of Independent Commission Against Corruption Professional Ethics Programme for the Securities, Futures and Investments Sectors, a former member of the Standing Committee on Company Law Reform, the Hong Kong Trade Development Council Financial Services Advisory Committee, The Community Chest of Hong Kong Corporate and Employee Contribution Programme Organizing Committee (Banking and Finance Group), the Banking and Finance Industry Training Board of the Vocational Training Council and the Investment Sub-Committee of the Government Committee of the Beat Drugs Fund Association. Mr. Tsui is currently an independent non-executive director of COSCO SHIPPING International (Hong Kong) Co., Ltd., Pacific Online Limited, Kangda International Environmental Company Limited, DTXS Silk Road Investment Holdings Company Limited and Hua Medicine, all of them are listed on the Hong Kong Stock Exchange, and Melco Resorts & Entertainment Limited, a company listed on the NASDAQ and an independent director of ATA Inc., a company listed on NASDAQ and Melco Resorts and Entertainment (Philippines) Corporation, a company listed on the Philippine Stock Exchange.

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Mr. Yuen Kam Ho, George, FHKIoD (Independent Non-executive Director)

Mr. Yuen, aged 74, was appointed as an Independent Non-executive Director of the Bank in April 2003. He is the Chairman of Remuneration Committee and also serves as a Member of Risk Management Committee of Board of Directors and Strategy and Corporate Governance Committee of the Bank. He holds a Bachelor’s Degree (Honors) in Economics and Political Science from The University of Hong Kong. Mr. Yuen had attended post-graduate studies in marketing management at the International Marketing Institute, Cambridge, Massachusetts, U.S.A. and had completed the Hong Kong Administrators Course (commissioned by the Hong Kong Government) in public administration and international relations at Oxford University, the United Kingdom, and the International Executive Program in INSEAD, France respectively. In June 2003, Mr. Yuen was admitted to the Leadership in Development Program organised by Kennedy School of Government, Harvard University. In June 2004, Stanford University, California, U.S.A. had also invited Mr. Yuen to participate in its “Corporate Governance” forum and in early 2006 the University awarded a fellowship to Mr. Yuen as a non-profit leader at its Centre for Social Innovation. Mr. Yuen had been Chief Executive of The Better Hong Kong Foundation for nine years since September 1997. Prior to his joining the Foundation, he was the Assistant Director/Acting Deputy Director of the Information Services Department of the Hong Kong Government. Mr. Yuen plays an active role in organising international business conferences in Hong Kong and also takes part in numerous government and community activities, including being a board member of the East-West Strategic Development Commission, and he is currently a board member of the Hong Kong Society for the Aged. Mr. Yuen was the Panel member of the Central Policy Unit of the Government of the HKSAR on the Pan-Pearl River Delta between 2003-2007. From January 2006 to January 2013, Mr. Yuen had been a member of The Chinese People’s Political Consultative Conference, Guangxi Autonomous Region, China; an advisor of the Institute of Finance and Trade Economics, Chinese Academy of Social Sciences, China; an advisor of The Shanghai Academy of Social Sciences, China; and an advisor of The Board of International Investment of Guangzhou Municipality, China. At present, Mr. Yuen is a member of the Court of The University of Hong Kong and a member of Business Advisory Council of United Nations Economic and Social Commission for Asia and the Pacific. Mr. Yuen is a Fellow of the Hong Kong Institute of Directors, a member of the British Institute of Management and the Institute of Marketing, United Kingdom, and was also commended by the former U.S. President, George W. Bush for his efforts in support of coalition’s campaign against global terrorism. Mr. Yuen is currently an independent non-executive director of Hsin Chong Group Holdings Limited, a Hong Kong listed company.

Dr. Wu Jie Si (Independent Non-executive Director)

Dr. Wu, aged 67, was appointed as an Independent Non-executive Director of the Bank in March 2013. He is the Chairman of Nomination Committee and also a Member of Strategy and Corporate Governance Committee and Risk Management Committee of Board of Directors of the Bank. Dr. Wu holds a Doctorate Degree in Economics from Graduate School of the People’s Bank of China and has got a Professor’s Qualification at Tianjin Nankai University. Dr. Wu has over 31 years corporate management and investment experience and was previously the President of Industrial and Commercial Bank of China Limited, Shenzhen Branch, the Deputy Mayor of the Shenzhen Municipal Government and the assistant to the Governor of Guangdong Province. Dr. Wu is currently the Chairman of the Shenzhen Fuhaiyintao Asset Management Co., Ltd. and he is also an Independent Non-executive Director of Beijing Enterprises Holdings Limited and China Taiping Insurance Holdings Company Limited, an Non-executive Director of Sliver Base Group Holdings Limited and Shenzhen Investment Limited, all of them are listed on the Hong Kong Stock Exchange. Dr. Wu is also an Independent Director of China Citic Bank International Limited.

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Dr. Or Ching Fai, S.B.S., J.P. (Independent Non-executive Director)

Dr. Or, aged 69, was appointed as an Independent Non-executive Director of the Bank in December 2018. He is the Chairman of Audit Committee and also serves as a Member of Risk Management Committee of Board of Directors and Strategy and Corporate Governance Committee of the Bank. Dr. Or holds a Bachelor’s Degree in Economics and Psychology from the University of Hong Kong. He was conferred an Honorary Doctor of Social Science by City University of Hong Kong in 2014 and Honorary Fellow by Hang Seng Management College in May 2017. He was awarded a Silver Bauhinia Star from the Government of HKSAR and Honorary University Fellow from The University of Hong Kong in 2009. Dr. Or is very experienced in Insurance, Banking and Financial Industries, he was the General Manager and Director of The Hongkong and Shanghai Banking Corporation Limited, Chairman of HSBC Insurance Limited, Vice-Chairman and Chief Executive of Hang Seng Bank, Chairman of Hang Seng Insurance Co Limited and Hang Seng Bank (China) Limited and Independent Non-executive Director of Industrial and Commercial Bank of China Limited. He was also a Director of Cathay Pacific Airways Limited, Hutchison Whampoa Limited, and a Vice Chairman and an Independent Non-executive Director of G-Resources Group Limited, the Deputy Chairman and a Non-executive Director of Aquis Entertainment Limited (a company listed on the Australian Securities Exchange). Dr. Or takes part in numerous government and community activities, he is currently a Vice Patron of the Board of the Community Chest of Hong Kong and a Justice of the Peace. Dr. Or was previously the Chairman of Executive and Campaign Committee of the Community Chest of Hong Kong, the Chairman of the Hong Kong Association of Banks in 2000 and 2003 and was Vice-Chairman of Hong Kong Association of Banks in 2001, 2002, 2004 and 2005, a Director of the Hong Kong Interbank Clearing Limited, a Vice President and a Council Member of the Hong Kong Institute of Bankers. Dr. Or has also been Chairman of the Financial Services Advisory Committee and a Member of the Services Promotion Programme Committee of the Hong Kong Trade Development Council. He has been a Member of the Risk Management Committee of Hong Kong Exchanges and Clearing Limited, a Member of the Aviation Development Advisory Committee, Deputy Council Chairman of the Council of City University of Hong Kong, a Council Member of the University of Hong Kong, an Adviser of the Employers’ Federation of Hong Kong, a Member of the 5th East Asian Games Planning Committee and Chinese People’s Political Consultative Conference Beijing Committee and a Director of 2009 East Asian Games (Hong Kong) Limited. Dr. Or is currently the Executive Chairman of the Board and Executive Director of Esprit Holdings Limited, he is also the Chairman and Non-executive Director of China Strategic Holdings Limited, and an Independent Non-executive Director of Chow Tai Fook Jewellery Group Limited, Regina Miracle International (Holdings) Limited and Television Broadcasts Limited, all of them are listed on the Hong Kong Stock Exchange. He is appointed as a Director of ZhongAn Virtual Finance Limited in August 2018.

Mr. Leung Ming Hym, Peter (Deputy Chief Executive & Alternate Chief Executive)

Mr. Leung, aged 56, joined the Bank in July 2001 and was appointed as the Deputy Chief Executive of the Bank in August 2011. He was appointed as the Alternate Chief Executive of the Bank in April 2016. Mr. Leung holds a Bachelor’s Degree in Accounting and Financial Analysis from Newcastle University, UK and a Bachelor’s Degree in Laws from University of London, UK. Mr. Leung is a fellow member of The Institute of Chartered Accountants in England and Wales and serves as a member of its Hong Kong Chapter Committee. He is also a fellow member of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants (UK).

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Mr. Tong Hee Keung, Samuel (Deputy Chief Executive)

Mr. Tong, aged 62, was appointed as the Deputy Chief Executive of the Bank in August 2011. He is currently responsible for the Bank’s corporate banking business and Asia Pacific banking business. Mr. Tong holds a Master’s Degree in Business Administration from the University of Brunel, United Kingdom. An associate member of the Chartered Institute of Bankers, Mr. Tong is also a graduate of the executive programme at Le Centre Europeen d’Education Permanente (CEDEP) in Fontainebleau, France. Mr. Tong has over 30 years of corporate and commercial banking experience.

Ms. Xu Meng (Deputy Chief Executive & Chief Risk Officer)

Ms. Xu, aged 50, joined the Bank in September 2017 as the Deputy Chief Executive and Chief Risk Officer. She is currently responsible for the Banks’ credit approval, risk management, loans administration and credit and investment management. She holds a Bachelor’s Degree in Economics in Beijing Technology and Business University and a Master’s Degree in International Business Administration from Fudan University and The University of Hong Kong. Ms. Xu has over 27 years banking management experience.

Mr. Gu Xuan (Deputy Chief Executive)

Mr. Gu, aged 45, joined the Bank in March 2018 as the Deputy Chief Executive. Mr. Gu is currently responsible for the Bank’s retail banking business, channel management, private banking business, credit card business, internet finance business and securities brokerage business. Mr. Gu holds a Bachelor’s Degree in Chinese from Soochow University and a Master’s Degree in International Trade from Nanjing Unviversity. He has over 20 years of banking experiences.

Mr. Wang Chaoming (Deputy Chief Executive & Chief Information Officer)

Mr. Wang, aged 49, joined the Bank in May 2011 and was appointed as the Assistant Chief Executive and Chief Information Officer in July 2015. He was appointed as the Deputy Chief Executive of the Bank in October 2017. He is currently responsible for the Bank’s information technology, operations management, management information and general administration. Mr. Wang holds a Bachelor’s Degree and a Master’s Degree in Electrical Engineering from Zhejiang University and a Master’s Degree in International Business Administration from Fudan University and The University of Hong Kong. Mr. Wang has over 24 years of banking experience.

Mr. Li Dong (Deputy Chief Executive)

Mr. Li, aged 43, joined the Bank in May 2016 and was appointed as the Assistant Chief Executive in November 2016. He was appointed as the Deputy Chief Executive of the Bank in February 2018. He is currently responsible for the Bank’s corporate banking business, global capital financing business and custody services business. Mr. Li holds a Bachelor’s Degree in engineering (industrial and civil engineering) from Nanjing Institute of Architectural and Civil Engineering (Now known as “Nanjing Tech University”) and a Master’s Degree in Business Administration from SouthEast University. Mr. Li has over 21 years banking experience.

Mr. Chen Yinbin (Deputy Chief Executive)

Mr. Chen, aged 48, was appointed as the Assistant Chief Executive of the Bank in October 2017. He was appointed as the Deputy Chief Executive of the Bank in January 2019. He is currently responsible for overseeing the business of Chinese Mercantile Bank, the wholly-owned subsidiary of the Bank, and the business of the Guangdong-Hong Kong-Macao Bay Area. Mr. Chen holds a Bachelor’s Degree in Physics from Wuhan University, a Master’s Degree in International Trade from Nanjing University and a Master’s Degree in International Business Administration from Fudan University and The University of Hong Kong. Mr. Chen has over 19 years banking experience.

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董事會報告Report of the Directors

REPORT OF THE DIRECTORS

The Board of Directors (the “Board”) of Industrial and Commercial Bank of China (Asia) Limited (the “Bank”) have pleasure in submitting its annual report together with the audited financial statements of the Group (the Bank together with its subsidiaries hereinafter referred to as the “Group”) for the year ended 31 December 2018.

PRINCIPAL ACTIVITIES AND SEGMENTAL ANALYSIS OF OPERATIONS

The principal activities of the Bank are the provision of banking, financial and other financial related services. The principal activities of the subsidiaries are shown in Note 33 to the financial statements.

An analysis of the Group’s performance for the year by business and geographical segments is set out in Note 5 to the financial statements.

RESULTS AND APPROPRIATIONS

The results of the Group for the year ended 31 December 2018 are set out in the consolidated income statement on page 80.

The Board has not recommended the payment of final dividend for the year ended 31 December 2018.

RESERVES

Profit attributable to shareholders of HK$8,278,163,000 (2017: HK$7,767,358,000) has been transferred to reserves. Details of movements in the reserves of the Bank and the Group during the year are set out in Note 41 to the financial statements and in the consolidated statement of changes in equity, respectively.

DONATIONS

Charitable and other donations made by the Group during the year amounted to HK$3,494,000.

INVESTMENT PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT

Details of the movements in investment properties and property, plant and equipment of the Group and the Bank during the year are set out in Notes 30 and 31 to the financial statements respectively.

董事會報告

中國工商銀行（亞洲）有限公司（「本銀行」）董事會（「董事會」）欣然提呈本集團（本銀行連同其附屬公司統稱「本集團」）截至二零一八年十二月三十一日止年度之年報及經審核財務報表。

主要業務及分部業務分析

本銀行之主要業務為提供銀行、財務及其他財務相關服務，而各附屬公司之主要業務則載於財務報表附註33。

本集團於本年度按業務及地區分部劃分之業績分析載於財務報表附註5。

業績及分派

本集團截至二零一八年十二月三十一日止年度之業績載於第80頁之綜合收益表。

董事會建議截至二零一八年十二月三十一日止年度不派發末期股息。

儲備

股東應佔溢利8,278,163,000港元（二零一七年：7,767,358,000港元）已轉入儲備。本銀行及本集團之儲備於年內之變動詳情分別載於財務報表附註41及綜合權益變動表。

捐款

本集團於年內之慈善及其他捐款總額為3,494,000港元。

投資物業及物業及設備

年內，本集團及本銀行之投資物業及物業及設備變動詳情分別載於財務報表附註30及31。

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SHARE CAPITAL

Details of the movements in share capital of the Bank are set out in Note 39 to the financial statements.

FIVE YEAR’S FINANCIAL SUMMARY

A summary of the results and of the assets and liabilities of the Group for the last five financial years is set out below.

2018 2017 2016 2015 2014千港元千港元千港元千港元千港元

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

業績 Results

股東應佔溢利 Profit attributable to shareholders 8,278,163 7,767,358 7,395,366 6,783,664 6,370,245

資產及負債 Assets and liabilities

資產總額 Total assets 893,618,387 898,109,027 798,674,517 733,551,025 680,618,627

負債總額 Total liabilities 776,300,898 806,422,987 714,788,371 663,213,567 629,094,051

權益總額 Total equity 117,317,489 91,686,040 83,886,146 70,337,458 51,524,576

BOARD OF DIRECTORS

The Board of the Bank during the year and up to the date of the Report of the Directors of this Annual Report was:

Executive DirectorMs. Gao MingMr. Wu Long (appointed on 20 August 2018)Mr. Lu JianMr. Jiang Yisheng (resigned on 1 April 2018)

Non-executive DirectorMr. Xi DeyingMr. Hong GuiluMr. Shang Jun

Independent Non-executive DirectorProfessor Wong Yue Chim, Richard, S.B.S., J.P.Mr. Tsui Yiu Wa, AlecMr. Yuen Kam Ho, George, FHKIoDDr. Wu Jie SiDr. Or Ching Fai, S.B.S., J.P. (appointed on 10 December 2018)

股本

本銀行之股本變動詳情載於財務報表附註39。

五年財務摘要

以下為本集團過去五個財政年度之業績、資產及負債摘要。

董事會

本銀行董事會於本年度至本年報之董事會報告的日期止之成員如下：

執行董事高明女士武龍先生（於二零一八年八月二十日獲委任）盧建先生姜壹盛先生（於二零一八年四月一日辭任）

非執行董事席德應先生洪貴路先生尚軍先生

獨立非執行董事王于漸教授，S.B.S.，太平紳士徐耀華先生袁金浩先生，FHKIoD武捷思博士柯清輝博士，S.B.S.，太平紳士（於二零一八年十二月十日獲委任）

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Mr. Jiang Yisheng resigned as Executive Director and Chief Executive Officer with effect from 1 April 2018. Mr. Wu Long was appointed as Executive Director and Chief Executive Officer with effect from 20 August 2018 and Dr. Or Ching Fai was appointed as Independent Non-executive Director with effect from 10 December 2018.

In accordance with Article 93 of the Articles of Association, any Director appointed by the Board during the year shall hold office only until the next annual general meeting of the Bank, and shall then be eligible for re-election at such meeting. Accordingly, Mr. Wu Long and Dr. Or Ching Fai will retire at the forthcoming annual general meeting and being eligible, will offer themselves for re-election.

The Non-executive Directors and the Independent Non-executive Directors of the Bank are not appointed for specific term but subject to the retirement by rotation at least once every three years and re-election at the annual general meeting in accordance with the Articles 94(1) and 94(2) of the Articles of Association. Accordingly, Professor Wong Yue Chim, Richard and Dr. Wu Jie Si will retire by rotation and, all being eligible, offer themselves for re-election at the forthcoming annual general meeting in accordance with the Articles of Association.

DIRECTORS’ INTERESTS

At no time during the year was the Bank or any of its holding company, or its subsidiaries, or fellow subsidiaries a party to any arrangements to enable the Directors of the Bank to acquire benefits by means of the acquisition of shares in, or debentures of, the Bank or any other body corporate.

No transaction, arrangement or contract of significance to which the Bank, or any of its holding company, subsidiaries, or fellow subsidiaries was a party, and in which a Director of the Bank had a material interest, subsisted at the end of the year or at any time during the year.

姜壹盛先生自二零一八年四月一日起辭任執行董事兼行政總裁。武龍先生自二零一八年八月二十日起獲委任為執行董事兼行政總裁，柯清輝博士自二零一八年十二月十日起獲委任為獨立非執行董事。

根據章程細則第93條的規定，於年內獲董事會委任的董事任期將於下屆股東週年大會屆滿，惟可於該股東週年大會重選連任。據此武龍先生及柯清輝博士的任期將於應屆股東週年大會上屆滿，並願意獲選連任。

本銀行之非執行董事及獨立非執行董事的委任並無指定任期，惟須根據章程細則第94(1)及94(2)條的規定最少每3年一次於股東週年大會上輪值告退及獲選連任。據此，王于漸教授及武捷思博士將根據章程細則的規定，於應屆股東週年大會上輪值告退，並願意重選連任。

董事之權益

本銀行、其控股公司、各附屬公司或各同系附屬公司於年內任何時間概無訂立任何安排，致使本銀行董事可藉認購本銀行或任何其他法人團體之股份或債券而獲益。

本銀行或其控股公司、附屬公司或同系附屬公司並無參與訂立與本集團業務有重大關係而於本年度結算時或本年度任何時間內生效且本銀行董事直接或間接擁有重大權益之重大合約。

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LIST OF DIRECTORS OF SUBSIDIARIES

The names of Directors who have been served on the Board of the Bank’s subsidiaries during the period from 1 January 2018 to the date of the Report of the Directors of this Annual Report (unless otherwise stated) are set out below:-

Chan Chi Leung Jim Wai Kee# Niu JiagengChan Wing Kwong Kwok Wai Ki, Henry Tam Siu LingChen Yinbin Lai Shek Wo Wan Hoi KwaiDu Houyang# Law Chui Ha, Joanne Wang ChaomingGao Chong# Leung Chui Yee, Flora# Wang YiningGao Ming# Leung Ming Hym, Peter Wei Quan HongGu Xuan Li Dong Wu LongHe Hai Chao Liu Jianchang Yan Jun#

Hong Guilu Liu Lei Yang FanHu Yimin Liu Ruixia Yeung Kai MingJiang Jianqing Liu Ximeng Yu HongJiang Yisheng# Luo Lijun#

# He/She had resigned/ceased as a Director of the relevant subsidiary(ies) of the Bank.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the whole or any substantial part of the business of the Bank were entered into or existed during the year.

INDEMNITY PROVISION

A permitted indemnity provision (as defined in section 469 of the Hong Kong Companies Ordinance) for the benefit of the directors of the Bank is currently in force and was in force during the year. Details of the Bank’s permitted indemnity provision are set out in the “Corporate Governance Report” of this report.

CORPORATE GOVERNANCE

The Bank is committed to maintaining and upholding high standards of corporate governance practices. Throughout the year ended 31 December 2018, the Bank has complied with the guidelines set out in the Supervisory Policy Manual entitled “Corporate Governance of Locally Incorporated Authorized Institutions” issued by the Hong Kong Monetary Authority. Details of the Bank’s corporate governance practices are set out in the Corporate Governance Report on pages 57 to 69 of its 2018 Annual Report.

附屬公司董事名單

由二零一八年一月一日至本年報之董事會報告的日期止之期間（除另有註明外）, 服務本銀行附屬公司董事會的董事姓名，現詳列如下：

陳志良詹偉基# 牛佳耕陳永光郭偉奇譚少玲陳銀彬賴錫和尹凱貴杜后揚# 羅翠霞王超明高翀# 梁翠兒# 王軼寧高明# 梁銘謙魏泉紅顧旋李冬武龍何海潮劉建昌閆峻#

洪貴路劉磊楊帆胡益民劉瑞霞楊啟明姜建清劉希猛于洪姜壹盛# 羅麗軍#

# 他╱她已經辭任╱不再擔任本銀行有關附屬公司的董事職務。

管理合約

年內並無訂立或訂有任何涉及本銀行全部或大部分業務之管理及行政合約。

彌償條文

為保障本銀行各董事的獲准許之彌償條文（根據香港公司條例第469條）於本年度及目前仍然生效。本銀行獲准許之彌償條文，詳列於本年報「企業管治報告」一節內。

企業管治

本銀行致力維持和強化高水平之企業管治常規。在截至二零一八年十二月三十一日止的財政年度內，本銀行已遵守香港金融管理局發出之《本地註冊認可機構的企業管治》監管政策手冊所載之指引。本銀行企業管治常規之詳情載於二零一八年年報第57至69頁之企業管治報告內。

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COMPLIANCE WITH THE BANKING (DISCLOSURE) RULES

The financial statements for the year ended 31 December 2018 comply fully with the applicable disclosure provisions as set out in the Banking (Disclosure) Rules.

AUDITORS

K P M G r e t i r e a n d , b e i n g e l i g i b l e , o f f e r t h e m s e l v e s f o r re-appointment. A resolution for the re-appointment of KPMG as auditors of the Bank is to be proposed at the forthcoming annual general meeting.

On behalf of the Board

Ms. Gao MingChairmanHong Kong, 26 March 2019

遵守銀行業（披露）規則

截至二零一八年十二月三十一日止年度之財務報表已完全符合《銀行業（披露）規則》中所適用的披露規定。

審計師

本銀行審計師畢馬威會計師事務所現遵章告退並於應屆股東週年大會上提呈續聘彼等為審計師之決議案。

承董事會命

主席高明女士香港，二零一九年三月二十六日

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截至2019年3月26日止As at 26 March 2019

企業管治報告Corporate Governance Report

The Bank is committed to maintaining and upholding high standards of corporate governance practices. Throughout the year ended 31 December 2018, the Bank has followed the guidelines set out in the Supervisory Policy Manual entitled “Corporate Governance of Locally Incorporated Authorized Institutions” issued by the Hong Kong Monetary Authority (“HKMA”).

In order to show its continuous commitment in the development of sound corporate governance, the Bank has adopted its “Corporate Governance Manual” since 24 March 2009 and keeps reviewing according to market trend as well as guidelines and requirements issued by regulatory authorities.

CORPORATE GOVERNANCE STRUCTURE OF THE BANK

本銀行致力維持和強化高水平之企業管治常規。在截至二零一八年十二月三十一日止的財政年度內，本銀行已遵循香港金融管理局（「金管局」）發出之《本地註冊認可機構的企業管治》監管政策手冊所載之指引。

為突顯本銀行持續維持良好企業管治之承諾，本銀行已自二零零九年三月二十四日制訂「公司治理制度」，並會根據市場趨勢及監管機構所發佈的指引和要求進行相應修訂，力求符合國際和本地有關企業管治最佳慣例的要求。

本銀行之企業管治架構

# 獨立非執行董事# Independent Non-executive Directors

董事會Board of Directors

董事會風險管理委員會Risk Management

Committee of Board of Directors (“BRMC”)

薪酬委員會Remuneration

Committee(“RC”)

提名委員會NominationCommittee

(“NC”)

戰略與企業管治委員會Strategy and Corporate Governance Committee

(“SCG”)

審核委員會Audit Committee (“AC”)

成員：Members:

高明女士（主席）Ms. Gao Ming (Chairman)

武龍先生Mr. Wu Long

洪貴路先生Mr. Hong Guilu

王于漸教授，S.B.S.，太平紳士#

Professor Wong Yue Chim, Richard, S.B.S., J.P.#

袁金浩先生，FHKIoD #

Mr. Yuen Kam Ho, George, FHKIoD #

武捷思博士#

Dr. Wu Jie Si #

柯清輝博士，S.B.S.，太平紳士#

Dr. Or Ching Fai, S.B.S., J.P.#

戰略與企業管治委員會Strategy and Corporate Governance Committee

成員：Members:

武捷思博士#（主席）Dr. Wu Jie Si # (Chairman)

席德應先生Mr. Xi Deying



提名委員會Nomination Committee

成員：Members:


（主席）Mr. Yuen Kam Ho, George, FHKIoD #

(Chairman)

尚軍先生Mr. Shang Jun

徐耀華先生#

Mr. Tsui Yiu Wa, Alec#

薪酬委員會Remuneration

Committee

成員：Members:

徐耀華先生#（主席）Mr. Tsui Yiu Wa, Alec#

(Chairman)

尚軍先生（替任主席）Mr. Shang Jun(Alternate Chairman)

武龍先生Mr. Wu Long

盧建先生Mr. Lu Jian


Mr. Yuen Kam Ho, George, FHKIoD #

武捷思博士#

Dr. Wu Jie Si #

柯清輝博士，S.B.S.，太平紳士#

Dr. Or Ching Fai, S.B.S., J.P.#

董事會風險管理委員會Risk Management

Committee of Board of Directors

成員：Members:

柯清輝博士，S.B.S.，

太平紳士#（主席）Dr. Or Ching Fai, S.B.S., J.P.# (Chairman)

席德應先生（替任主席）Mr. Xi Deying(Alternate Chairman)

洪貴路先生Mr. Hong Guilu



徐耀華先生#

Mr. Tsui Yiu Wa, Alec#

審核委員會Audit Committee

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企業管治報告Corporate Governance Report截至2019年3月26日止As at 26 March 2019

BOARD OF DIRECTORS

The Board

The Board has responsibility for leadership and control of the Bank and is collectively responsible for promoting the success of the Bank by directing and supervising the Bank’s affairs. The Board sets strategies for the Bank and monitors the performance and activities of the senior management. The Board ensures prudent management of the Bank with high degree of honesty and within the legal and regulatory framework, and the Board takes into account the legitimate interests of shareholders, depositors and other relevant stakeholders.

The roles of Chairman and Chief Executive Officer are segregated. The Bank benefits from the segregation in which the Chairman is responsible for ensuring that the Board properly discharges its responsibilities, conforms to good corporate governance practices and procedures and all key and appropriate issues are discussed by the Board timely, and the Chief Executive Officer is responsible for leading the Senior Management and implementing important policies adopted by the Board, managing the Bank’s operations and relevant issues.

To achieve greater independence in board decision-making, the Bank appointed two Vice-Chairmen of the Board of Directors in 2019, one Executive Director and one Independent Non-executive Director.

The Board reviews and evaluates its work process and effectiveness annually, with a view to identifying areas for improvement and further enhancement.

Board Structure

As at the date of this report, the Board consisted of eleven Directors comprising three Executive Directors, three Non-executive Directors and five Independent Non-executive Directors (“INED”). Both the number and percentage of the INED are well above the requirements set by relevant rules and regulations. The Bank benefits from the substantial business, banking and professional experience of its Directors. Biography of the Directors is set out in the “Biographical Details of Directors and Senior Management” section under the Bank’s 2018 Annual Report.

Board Meetings

Board meetings are held at least once every quarter. Such regular Board meetings will normally involve the active participation, either in person or through other electronic means of communication, of a majority of Board members. Special Board meetings will be held when necessary.

董事會

董事會

董事會負有領導及管治本銀行的責任，並共同承擔指導及監督本銀行事務以推動本銀行成功發展。董事會制定本銀行之策略，並監查高級管理層之表現及運作。董事會須確保本銀行以高度的誠信及在法律和政策的架構內審慎經營業務，董事會履行其責任時應顧及股東、存戶及其他相關持份者的合法權益。

本銀行董事會主席及行政總裁的角色清晰劃分。該等角色區分有利於本銀行管理，主席負責確保董事會適當地履行其職能，貫徹良好企業管治常規，適時處理所有重要和合適的事項，而行政總裁則負責領導高級管理層，落實董事會所採納的重要策略，執行本銀行的日常運作及有關事務。

為進一步提高決策的獨立性，本銀行於二零一九年委任兩名副董事長，分別是一名執行董事及一名獨立非執行董事。

董事會每年檢討及評估其工作程序及效能，以便作出改善。

董事會結構

於本報告刊發日期，本銀行之董事會由十一名董事組成，當中包括三名執行董事、三名非執行董事及五名獨立非執行董事。獨立非執行董事的人數與比例均超過有關法例及法規的要求。本銀行受惠於各董事豐富之業務、銀行及專業經驗。有關董事履歷之詳情載於本銀行二零一八年年報「董事及高層管理人員簡歷」一節。

董事會會議

董事會應最少每季舉行一次會議，該等常規董事會會議一般由過半數董事會成員親身或透過其他電子通訊方式積極參與。董事會於有需要時將舉行特別會議。

59




Directors are consulted on matters to be included in the agenda of regular Board meetings. Directors may seek independent professional advice or request pre-meetings ahead of Board or Board Committees meetings with the consent of the Chairman and/or Chief Executive Officer when appropriate to assist him in discharging his duties to the Bank. Besides, all Directors have been given rights on fully and timely access to all relevant information of the Bank and have separate and independent access to the management of the Bank so that they can make an informed decision in discharging their duties and responsibilities as Directors. All Directors have access to advice and services of the Company Secretary to ensure due compliance with the Board procedures, and all applicable rules and regulations.

Board meeting dates of each year are normally determined before the end of the previous year in consultation with the Directors. Formal notice of meeting shall be given to all Directors by the Company Secretary at least two weeks before the date of the meeting to provide sufficient notice to give all Directors an opportunity to attend. Under special circumstances, the Company Secretary will promptly contact all Directors by way of telephone. Agenda and accompanying papers containing analysis and background information are circulated to all Directors not less than 7 days before the intended date of Board meeting.

Minutes of the meetings of the Board and the Board Committees have been recorded in sufficient detail including the matters considered by the Board and the Board Committees, decisions reached, and concerns raised by Directors or dissenting views (if any) expressed. Draft and final versions of the minutes of the Board and the Board Committees are sent to all Directors or members of the Board Committees (as the case may be) for their comments and records respectively.

Minutes and papers of the meetings of the Board and all the Board Committees, and relevant materials are open for inspection at any reasonable time on reasonable notice by any Director.

If a Director has a conflict of interest in a matter (including material transaction with connected persons) which the Board has determined to be material, the relevant matter will be dealt with at a Board meeting in accordance with the requirements as set out in the Companies Ordinance and the Articles of Association of the Bank.

本銀行董事會常規會議之議程經諮詢董事後擬定。董事可於適當情況尋求獨立專業意見，董事亦可於合理情況下並經取得董事會主席及╱或行政總裁同意後，要求於董事會會議前舉行預備會議，以協助彼履行本銀行之職務。此外，所有董事有權全面地和及時地獲得與本銀行有關之所有資料並有自行接觸本銀行管理層之獨立途徑，以使彼等在履行作為董事之職務及職責上可作出知情決定。所有董事可獲得公司秘書之意見及服務，確保董事會程序及所有適用規則及規例均獲得遵守。

每年之董事會會議召開日期通常會於上一個年度結束前經咨詢董事會成員決定。公司秘書於舉行會議日期最少兩星期前向全體董事發出正式會議通告，以讓所有董事獲得充裕之通知期，方便安排時間出席。在特殊情況，公司秘書將盡快以電話通知所有董事有關會議日期。載有分析及背景資料之議程及會議文件須於董事會會議指定日期前不少於七天發送予全體董事。

董事會及其附屬委員會之會議紀錄，已對會議上董事會及其附屬委員會所考慮事項及達致之決定作足夠詳細之記錄，其中包括董事提出之任何疑慮或所表達之反對意見（如有）。董事會及其附屬委員會會議紀錄之初稿及最終定稿會發送全體董事或（根據情況而定）董事會附屬委員會之委員，以供彼等分別發表意見及存檔之用。

任何董事亦可在任何合理時段透過合理通知查閱董事會及其所有附屬委員會之會議記錄、會議文件及相關資料。

倘董事在任何事項（包括與關連人士之重大交易）中存有董事會認為屬重大之利益衝突，有關事項將根據《公司條例》及本銀行章程細則所載規定在董事會會議上處理。

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Appointments and Re-election of the Board

The Bank uses a set of formal, prudent and transparent procedures for the appointment of new Directors to ensure the Directors have the necessary competencies and skills to support the development and growth of the Bank. The suitability of new Directors will be evaluated in various aspects and the appointment of new Directors will be discussed by NC before recommending to the Board for consideration and approval after due deliberation. A candidate who is to be appointed as an INED should ensure he/she meets the independence requirements and also the requirements of the guidance on “Empowerment of Independence Non-Executive Directors in the Banking Industry in Hong Kong” issued by the HKMA. In accordance with the requirement under the Banking Ordinance, approval from HKMA shall also be obtained for any appointment of new Directors. According to the Bank’s Articles of Association, all new Directors are subject to election by shareholder(s) of the Bank at the next scheduled annual general meeting after their appointments have become effective, and shall then be entitled for re-election. The Non-executive Directors and the INEDs of the Bank are not appointed for specific term but subject to the retirement by rotation and re-election at the annual general meeting in accordance with the Bank’s Articles of Association. The NC conducts review of the independence of the INED, additional assessment will be conducted for those INED who have been serving on the Board for more than 9 years, NC will make recommendations based on the results of the assessment on the suitability of the INED to continue to act as director to the Board for approval.

At each annual general meeting, one-third of the Directors for the time being or, if their number is not a multiple of three, then the number nearest to but not exceeding one-third, shall retire from office by rotation. All the retiring Directors are eligible for re-election. Professor Wong Yue Chim, Richard and Dr. Wu Jie Si will offer themselves for retirement and being eligible, will be entitled for re-election at the forthcoming Annual General Meeting of the Bank.

委任和重選董事會

本銀行訂明一套正式、經審慎考慮並具透明度之程序以委任新董事，確保董事具備所需的勝任能力及技能，以有效推動本銀行業務增長。提名委員會將多方面評估候選人的合適性並商議新董事之委任，經同意後始推薦予董事會考慮及批准。如候選人擔任獨立非執行董事，須確保該候選人能夠符合獨立性的要求，以及金管局發出之提升香港銀行業獨立非執行董事的專業能力的規定。根據《銀行業條例》之規定，委任任何新董事亦須先獲得金管局批准。根據本銀行章程細則規定，所有新委任董事於獲委任生效後首個股東週年大會上由本銀行股東選舉，並符合資格獲選連任。本銀行之非執行董事及獨立非執行董事並無指定任期，但須根據本銀行之章程細則於股東週年大會上輪值告退及獲選連任。提名委員會檢討各獨立非執行董事的獨立性，對已擔任董事超過9年的獨立非執行董事，將另作評估，並向董事會提交其是否適合繼續留任之建議供董事會批准。

於每屆股東週年大會上當時三分一之董事（若董事數目並非三之倍數，則取其最接近者，但不能超過三分一）須輪值告退，並可重選連任。王于漸教授及武捷思博士將於本銀行應屆股東週年大會上輪值告退，並願意重選連任。

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Mr. Wu Long was appointed as Executive Director and Chief Executive Officer with effect from 20 August 2018 and Dr. Or Ching Fai was appointed as Independent Non-executive Director with effect from 10 December 2018. All of them will retire at the forthcoming annual general meeting of the Bank and will offer themselves for re-election.

Save for the above-mentioned retiring Directors, who will offer themselves for re-election at the forthcoming annual general meeting of the Bank, as at the date of this report, no Director held office for over three years since last re-election.

Directors’ Liability Insurance Policy

The Bank has put in force an appropriate insurance cover for its Directors’ liabilities against risk exposure arising from operating businesses of the Bank.

Further, the Bank’s Articles of Association provide that Directors are entitled to be indemnified out of the Bank’s assets against claims from third parties in respect of certain liabilities.

武龍先生自二零一八年八月二十日起獲委任為執行董事兼行政總裁，柯清輝博士自二零一八年十二月十日起獲委任為獨立非執行董事。武龍先生及柯清輝博士的任期將於應屆股東週年大會上屆滿，並願意獲選連任。

除上述退任董事將於本銀行應屆股東週年大會上獲選連任外，截至本報告刊發日期，並無董事自上一次獲選後連任超過三年。

董事責任保險

本銀行於年內已為各董事購買適當之責任保險，以保障彼等因本銀行經營業務而承受之風險。

此外，本銀行章程細則規定，董事倘於特定情況下遭第三方提出申索，彼等有權要求本銀行彌補其損失。

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Directors’ Training and Professional Development

To ensure that the newly appointed Directors have adequate understanding of the Bank’s business operations and to enable Directors to update their knowledge regularly so as to provide informed recommendation and advice and make contribution to the Bank, the Board establishes a set of written policy specifying guidelines on Directors’ induction and training upon appointment.

The Bank also provides regular updates to Board members on material changes to regulatory requirements applicable to the Directors and the Bank on a timely basis. In addition, Board members are encouraged to participate actively in continuous training programmes and the Bank also arranges relevant professional training programmes for Board members. In 2018, all Directors have attended continuous training programmes to update their knowledge and technique.

Disclosure on remuneration

According to HKMA’s Supervisory Policy Manual CG-5 “Guideline on a Sound Remuneration System”, authorized institutions are required to make disclosures in relation to their remuneration systems as appropriate. The Bank has fully complied with HKMA’s disclosure requirements set out in Part 3 of the said Guideline. Disclosure on remuneration of the Bank will be uploaded to the Bank’s website.

董事培訓及專業發展

為確保新委任董事對本銀行的業務運作有充分瞭解及確保董事能定期更新其知識，以便向董事會提供具有充分依據的建議及意見，增加彼等對本銀行的貢獻，董事會據此制定了一套關於董事入職介紹的董事指引及培訓之制度。

本銀行亦適時向各董事會成員提供關於影響董事及本銀行的有關監管條例的重大修訂。此外，本銀行鼓勵各董事會成員積極參與持續培訓課程，亦會適時安排各項相關的專業培訓課程予各董事會成員參加。年內，所有董事均已參與持續專業培訓以擴展並更新其知識及技能。

薪酬披露資料

根據金管局監管手冊CG-5《穩健的薪酬制度指引》，註冊認可機構需就其薪酬制度作出適當披露。本銀行已遵循該指引第3部分有關薪酬披露之要求。有關本銀行薪酬披露資料將登載於本銀行網站。

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BOARD COMMITTEES

The Board has set up five committees which are delegated with different responsibilities to assist the Board in performing its duties. They are Audit Committee, Strategy and Corporate Governance Committee, Risk Management Committee of Board of Directors, Remuneration Committee and Nomination Committee. Each of these Board Committees has specific written Terms of Reference which state clearly its objectives, functions and responsibilities.

All Board Committees are comprised mainly of Non-executive Directors and INED. All Board Committees report to the Board on their decisions or recommendations on a regular basis. Material matters are reserved for the approval of the Board according to the terms of reference of such committees. The Board will conduct regular review and update on the terms of reference of such committees.

Audit Committee

AC assists the Board in monitoring the Bank’s financial reporting process independently and external audit function, ensuring an effective system of internal control and compliance (including risk management system), and supervising the internal audit function. Meanwhile, the committee is also responsible for reviewing the Bank’s compliance with applicable rules, including but not limited to the requirements and guidelines of regulators, businesses or laws. AC comprises five members and three of them are INEDs.

AC held four meetings during the year 2018 and all the meetings were with the participation of the relevant senior management, internal audit officers of the Bank and representatives from the external auditors of the Bank. Major works performed by AC were summarised as follows:

– Rev iewed ex terna l audi tor ’ s management l e t t e r and management response;

– Reviewed the external auditor’s 2018 audit plan and work scope;

– Reviewed the regulators’ and external auditor’s reports and findings and the management response;

董事會附屬委員會

董事會已設立五個附屬委員會並授予各項責任以協助董事會履行其職責。該等附屬委員會包括審核委員會、戰略與企業管治委員會、董事會風險管理委員會、薪酬委員會及提名委員會。該等附屬委員會各自以書面列明具體職責範圍，清楚載列其目標、職能及職責。董事會將對這些職責範圍進行定期檢討及適當更新。

所有董事會附屬委員會主要由非執行董事及獨立非執行董事組成，定期向董事會報告其決策及推薦建議。根據該等附屬委員會之職責範圍，重大事項須提交董事會批准。

審核委員會

審核委員會負責協助董事會獨立地監察本銀行財務匯報程序、外部審計監察、內部監控（包括風險管理制度）及合規的成效以及監督內部審計職能。同時，本委員會亦會定期檢討本銀行對遵守各項規則的情況，包括但不限於監管機構、業內或法例的規定及指引。審核委員會共有5名成員，其中包括3名獨立非執行董事。

審核委員會於二零一八年舉行了四次會議，本銀行之相關高級管理人員、內部審計人員及外聘審計師代表均列席全部會議。審核委員會在年內所履行之主要工作摘要如下：

－檢討致管理層之外聘審計師審核情況說明函件及管理層之回應；

－檢討二零一八年年度外聘審計師之審核計劃及工作範圍；

－檢討監管機構和外聘審計師報告以及管理層之回應；

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– Approved the internal audit plan for the year of 2018 and 2019;

– Reviewed the internal audit reports covering the evaluation of internal control;

– Approved the audited financial statements for financial year ended 31 December 2017;

– Approved the Interim Financial Disclosure Statements for the six months ended 30 June 2018;

– Reviewed the operation of Anti-money laundering of the Bank; and

– Reviewed the work performed by Internal Control and Compliance Department of the Bank for the year of 2018.

AC is also responsible for making recommendations on the appointment, re-appointment, removal and remuneration of the Bank’s external auditor. KPMG is the external auditors of the Bank. A statement by the external auditor with respect to their responsibilities is included in the Independent Auditor’s Report on pages 70 to 79 of the Bank’s 2018 Annual Report.

Strategy and Corporate Governance Committee

SCG aims to enhance the strategic development and planning of the Bank and to strengthen the corporate governance framework of the Bank, including but not limited to reviewing the Bank’s strategic development plan, strategic capital deployment and major institutional restructuring and adjustment plans, and makes recommendation to the Board. Meanwhile, the committee is also responsible for reviewing the Bank’s compliance with legal, regulatory and corporate governance standards, providing advice on corporate governance practice, enhancing the transparency and quality of information disclosure of the Bank, and keeping abreast of changes in regulations, with the aim to maximise sustainable corporate values and shareholder’s interests. SCG comprises seven members and four of them are INEDs.

－審批二零一八年及二零一九年年度之內部審計計劃；

－檢討內部審計報告，包括內部監控評級；

－審議截至二零一七年十二月三十一日止財政年度經審核財務報表；

－審議截至二零一八年六月三十日止六個月之中期財務資料披露報表；

－檢討本銀行反洗錢工作；及

－檢討本銀行內控合規部於二零一八年所執行之工作。

審核委員會亦負責就本銀行外聘審計師之委任、重選、解聘及薪酬提供推薦建議。畢馬威會計師事務所為本銀行的外聘審計師。外聘審計師就其財務報告責任所作之聲明載於本銀行二零一八年年報第70頁至第79頁之獨立核數師報告書。

戰略與企業管治委員會

戰略與企業管治委員會旨在加強本銀行戰略性發展及規劃和監察本銀行的企業管治制度，包括但不限於對本銀行戰略發展規劃、戰略性資本配置和重大機構重組及調整方案進行檢討，並向董事會提出建議。同時，本委員會亦會協助並持續檢討本銀行對戰略與企業管治相關的規範、法律及監管要求的遵守情況，就企業管治常規提供意見，提高本銀行信息披露的透明度及質素，以及跟進法規變動，藉以提高可持續的企業價值及股東利益。戰略與企業管治委員會共有7名成員，其中包括4名獨立非執行董事。

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In 2018, SCG held one meeting. The major works performed by SCG during the year included:

– Reviewed the revised “Corporate Governance Manual” of the Bank;

– Reviewed the Belt and Road Initiative business development of the Bank;

– Reviewed the bank culture development plan of the Bank; and

– Reviewed the “Directors’ conflict of interest policy” of the Bank.

Risk Management Committee of Board of Directors

BRMC reviews the Bank’s position in various risks and approves risk management principles, major policies, guidelines and risk appetite of the Bank. It also monitors and reviews the effectiveness of the risk management system of the Bank, including its ability to withstand stress conditions. The key risks it oversees include credit, market, operational, interest rate, legal and compliance, liquidity, reputation and strategic risks. Senior Management is delegated by the BRMC to establish Policy related to risk appetite including risk appetite monitoring and management process. The Group’s risk appetite framework covers three aspects, namely profit, capital and risk. The risk appetite consists of quantitative and qualitative description of types and level of risks that the Group is willing and able to accept in pursuit of its strategic and business goals. The Policy is reviewed at least annually and approved by the BRMC to ensure the Group operates within the risk appetite. BRMC comprises seven members and four of them are INEDs.

In 2018, BRMC held four meetings. The major works performed by BRMC during the year included:

– Reviewed the risk management reports of the Bank regularly, including the bank-wide stress-testing results etc;

– Approved the annual review of Recovery Plan of the Bank;

– Reviewed the risk culture of the Bank, the risk appetite and credit preference;

戰略與企業管治委員會於二零一八年舉行了一次會議。本委員會年內所履行之主要工作摘要如下：

－檢討本銀行《公司治理制度》之修訂；

－檢討本銀行「一帶一路」業務發展情況；

－檢討本銀行銀行文化事宜開展情況；及

－檢討本銀行《董事利益衝突政策》。

董事會風險管理委員會

董事會風險管理委員會負責檢討本銀行的各種風險狀況，並審批風險管理原則、重大政策、指引及本銀行的風險承受能力，亦會監控及檢討本銀行風險管理體系的有效性，包括其承受壓力狀況的能力，其監管的主要風險包括信用、市場、操作、利率、法律及合規、流動性、聲譽及戰略風險。董事會風險管理委員會授權高級管理層建立風險偏好管理制度，包括風險偏好監控和管理流程。本集團的風險偏好指標體系涵蓋收益類、資本類及風險類三個主要範疇，並包括了本集團在追求實現其戰略及業務目標時所願意和能夠承擔的定性及定量的風險偏好指標，每年進行最少一次年檢並由董事會風險管理委員會最終審批，確保本集團的經營在風險偏好所允許的範圍內。董事會風險管理委員會共有7名成員，其中包括4名獨立非執行董事。

董事會風險管理委員會於二零一八年舉行了四次會議。本委員會年內所履行之主要工作摘要如下：

－定期審閱本銀行的風險報告，其中包括主要風險的壓力測試結果等；

－審批本銀行恢復計劃的年檢；

－檢討本銀行風險文化、風險偏好及信貸偏好；

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– Reviewed and approved the major risk management policies, limits and measures of the Bank including the stress testing policy, market risk manual and risk management measures etc; and

– Oversaw the implementation of risk management policies of the Bank and compliance with relevant laws and regulations.

Remuneration Committee

RC is responsible for overseeing the remuneration of the Directors and senior management of the Bank to ensure their remuneration is appropriate for their duties and consistent with the Bank’s culture, strategy, market condition and control environment. RC is also responsible for advising and assisting the Board in discharging its responsibilities for the Bank’s culture-related matters and recommending to the Board on the Bank’s remuneration policy framework. RC comprises three members and two of them are INEDs.

In 2018, RC held one meeting. The major works performed by RC during the year included:

– Considered the allocation of performance bonus of the Bank (including that distributed to the Executive Directors) and made recommendation to the Board;

– Considered the performance bonus of senior management for the year ended 31 December 2017 and made recommendation to the Board;

– Considered the Directors’ fee of the Non-executive Directors and INEDs for the year ended 31 December 2017 and made recommendation to the Board;

– Considered the remuneration policy on distribution of performance bonus of the Bank for the year ended 31 December 2018 and made recommendation to the Board; and

– Reviewed the remuneration policy and planning of the Bank.

Information relating to the remuneration of each Director for 2018 is set out in Note 17 to the financial statements of the Bank.

－檢討及審批本銀行風險相關的重大政策、限額及辦法，其中包括壓力測試的政策、市場風險手冊及風險管理辦法等；及

－監督本銀行執行風險管理政策及遵守相關法例及法規。

薪酬委員會

薪酬委員會負責監督本銀行董事及高級管理人員之薪酬，以確保彼等之薪酬與其職責相稱，並與本銀行之文化、策略、市場情況及相關監管規則配合一致。薪酬委員會亦就董事會履行與本銀行文化相關的職責方面向董事會提供意見及負責就本銀行之薪酬政策架構向董事會作出推薦建議。薪酬委員會共有3名成員，其中包括2名獨立非執行董事。

薪酬委員會於二零一八年度舉行了一次會議。本委員會年內所履行之主要工作摘要如下：

－考慮及向董事會推薦本銀行表現花紅之分配（包括發放予執行董事）；

－考慮及向董事會推薦高級管理人員截至二零一七年十二月三十一日止年度之表現花紅；

－考慮及向董事會推薦非執行董事及獨立非執行董事截至二零一七年十二月三十一日止年度之董事袍金；

－考慮及向董事會推薦本銀行截至二零一八年十二月三十一日止年度分派表現花紅之薪酬政策；及

－檢討本銀行之薪酬政策及規劃。

有關各董事於二零一八年薪酬之資料載於本銀行財務報表附註17。

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Nomination Committee

NC is responsible for assessing the suitability of the candidates and recommending to the Board all new appointments of Directors and senior management executives. NC also reviews the structure and composition of the Board on a regular basis, and assesses the efficiency of the Board. NC comprises three members and two of them are INEDs.

In 2018, NC held two meetings. Major works performed by NC during the year included:

– Reviewed and assessed the evaluation of the performance and effectiveness of the Directors and the Board as well as the size, structure and composition of the Board and Board Committees of the Bank;

– Considered the appointment of Senior Managements and made recommendation to the Board;

– Considered the nomination of Directors of the Bank and made recommendation to the Board;

– Considered the changes to the composition of the Board and Board Committees and made recommendation to the Board;

– Reviewed the appointment and succession planning policy for Senior Management of the Bank;

– Performed annual review of the tenure of the existing Directors of the Bank; and

– Assessed the independence status of current INEDs.

提名委員會

提名委員會負責就本銀行所有新委任董事及高級管理人員評估候選人是否合適及向董事會作出該等委任之推薦建議。提名委員會亦負責定期檢討董事會之架構及組成，並對董事會效能進行評價。提名委員會共有3名成員，其中包括2名獨立非執行董事。

提名委員會於二零一八年度舉行了兩次會議，本委員會年內所履行之主要工作摘要如下：

－檢討及評估董事及董事會的表現及效能，其中包括董事會及其附屬委員會的人數、架構及組合；

－考慮及向董事會推薦本銀行高級管理人員；

－考慮及向董事會推薦本銀行董事；

－考慮及向董事會推薦有關本銀行董事會及其附屬委員會成員組合的變動；

－檢討本銀行之高級管理人員的委任及繼任政策；

－年度檢討本銀行董事會成員的任期；及

－評估本銀行現任獨立非執行董事的獨立性。

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DELEGATION OF THE BOARD

Management Functions

The Board assumes the responsibility for leadership and governance of the Bank and delegates aspects of i t s management and administration functions to the senior management. The Board sets up clear guidelines governing the powers delegated to the senior management, in particular, with respect to reporting mechanism and the matters that are subject to the approval of the Board (such as substantial changes in the management structure, the business objectives, strategies and business plans, the policies and manuals which may have a material impact on the financial and risk management of the Bank).

Apart from the Board Committees, the Board has also established the Executive Committee, which reports to the Board. The Executive Committee has specific written Terms of Reference which state clearly its functions and responsibilities. The Board will conduct regular review and update on the terms of reference of the Executive Committee. The Executive Committee was established to supervise the overall operation of the Bank. The Executive Committee is chaired by the Chairman of the Board of Directors and consists of Executive Directors, Chief Executive Officer, Deputy Chief Executives and Assistant Chief Executives, as members.

INTERNAL CONTROL

The Board is responsible for establishing the internal control of the Bank and for reviewing its effectiveness through well-established organisational structure and comprehensive procedures, policies and standards.

Systems, policies and procedures are in place to identify, measure, control and monitor the major types of risks the Bank faces. Business units are responsible for the assessment of individual types of risk arising from their area of operations where risks are managed and reported in accordance with risk management procedures and arrangements.

董事會權力之轉授

管理功能

董事會承擔領導及管治本銀行之責任，並將其管理及行政功能方面之權力轉授予本銀行高級管理人員。董事會就高級管理人員獲授權之權力制定清晰之指引，特別是報告機制及須經董事會批准之事項（例如管理層結構、業務目標、策略及業務計劃、政策以及規定出現重大變動以致可能對本銀行之財務及風險管理產生重大影響之事宜）。

除董事會附屬委員會外，董事會亦成立執行委員會並向董事會匯報。為此，董事會訂立了清晰的書面指引，列明具體職責範圍，清楚載列其職能及職責。董事會將對這些授權和指引進行定期重檢。執行委員會負責督導本銀行整體營運。執行委員會主席由董事會主席擔任，其成員包括執行董事、行政總裁、副行政總裁，以及助理行政總裁。

內部監控

董事會負責建立本銀行之內部監控，並透過穩健妥善之組織架構及全面之程序、政策及標準，檢討其效率。

本銀行已制定體系、政策及程序，用以識別、衡量、監控及監視本銀行面對的主要風險類別。業務部門負責評估其負責領域所產生之個別風險類別，根據風險管理程序管理風險，並就風險管理作出報告。

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高級管理人員、高級管理層風險管理委員會及風險管理部會定期檢討及修訂風險管理政策及程序。管理本銀行的各主要風險類別（包括信用、市場、流動性、利率、業務操作、法律及合規、聲譽，以及策略風險）之政策及程序詳情載於本銀行財務報表附註4。

本銀行所有部門，作為內部控制的第一道防線，負責在各自業務領域內監督各項合規風險。內控合規部，作為內部控制的第二道防線，負責監測和控制合規風險，並向相關部門提出指導以確保其符合監管要求。

審計部作為內部控制的第三道防線，於本銀行內部監控架構內發揮重要作用，定期核查以確保適當遵守有關政策及程序。審計部監督評價了本銀行主要業務領域貫徹監管要求、管理主要風險、強化內部控制的質量和效果，並就有關內部監控之重要發現每年至少四次向審核委員會作出匯報。本銀行審計部主管向審核委員會及董事會主席匯報。

問責

董事會知悉其有編製本銀行財務報表之責任並已按持續經營基準編製本銀行財務報表。於二零一八年十二月三十一日止，董事並不知悉有任何重大不明朗因素與可能導致本銀行按持續經營基準營運構成疑問之事件或情況。

The senior management, Senior Executive Risk Management Committee and Risk Management Department review and revise the risk management policies and procedures on a regular basis. Details of the policies and procedures for management of each of the major types of risks, including credit, market, liquidity, interest rate, operational, legal and compliance, reputation and strategic risks, are included in Note 4 to the financial statements of the Bank.

All individual departments of the Bank, as the first line of defence of internal control framework, are primarily responsible for monitoring compliance in their respective areas. The Internal Control and Compliance Department, as the second line of defence of internal control framework, is primarily responsible for overseeing the Bank’s compliance risk and providing guidance to individual departments to ensure compliance with applicable regulatory requirement.

The Internal Audit Department plays an important role in the Bank’s third defense line of internal control framework, regular audits will be conducted to ensure compliance with relevant policies and procedures. It supervised and assessed the quality and effect of the compliance with regulatory requirements, management of major risks and intensified internal control in main business areas of the Bank. It also reports to the Audit Committee at least four times each year on significant findings on internal control. The Head of Internal Audit Department of the Bank reports to the AC and the Chairman of the Board.

ACCOUNTABILITY

The Board acknowledges its responsibility for preparing the financial statements of the Bank and has prepared the financial statements of the Bank on a going concern basis. As at 31 December 2018, the Directors were not aware of any material uncertainties relating to events or conditions which may cast significant doubt upon the Bank’s ability to continue as a going concern.

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獨立核數師報告書Independent Auditor’s Report

TO THE MEMBERS OF INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED(Incorporated in Hong Kong with limited liability)

OPINIONWe have audited the consolidated financial statements of Industrial and Commercial Bank of China (Asia) Limited (the “Bank”) and its subsidiaries (together the “Group”) set out on pages 80 to 284, which comprise the consolidated statement of financial position as at 31 December 2018, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2018 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance.

BASIS FOR OPINIONWe conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”) and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KEY AUDIT MATTERSKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

致中國工商銀行（亞洲）有限公司成員

（於香港註冊成立的有限公司）

意見本核數師（以下簡稱「我們」）已審計列載於第80至第284頁的中國工商銀行（亞洲）有限公司（以下簡稱「貴公司」）及其附屬公司（以下統稱「貴集團」）的綜合財務報表，此綜合財務報表包括於2018年12月31日的綜合財務狀況表與截至該日止年度的綜合損益表、綜合損益及其他全面收益表、綜合權益變動表和綜合現金流量表，以及綜合財務報表附註，包括主要會計政策概要。

我們認為，該等綜合財務報表已根據香港會計師公會頒布的《香港財務報告準則》真實而中肯地反映了貴集團於2018年12月31日的綜合財務狀況及截至該日止年度的綜合財務表現及綜合現金流量，並已遵照香港《公司條例》妥為擬備。

意見的基礎我們已根據香港會計師公會頒布的《香港審計準則》進行審計。我們在該等準則下承擔的責任已在本報告「核數師就審計綜合財務報表承擔的責任」部分中作進一步闡述。根據香港會計師公會頒布的《專業會計師道德守則》（以下簡稱「守則」），我們獨立於貴集團，並已履行守則中的其他專業道德責任。我們相信，我們所獲得的審計憑證能充足及適當地為我們的審計意見提供基礎。

關鍵審計事項關鍵審計事項是根據我們的專業判斷，認為對本期綜合財務報表的審計最為重要的事項。這些事項是在我們審計整體綜合財務報表及出具意見時進行處理的。我們不會對這些事項提供單獨的意見。

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KEY AUDIT MATTERS (continued)

Impairment allowances of advances to customers

Refer to notes 2.7.1(vii), 4.2(i) and 26 to the consolidated financial statements and the accounting policies respectively.

Key audit matter How the matter was addressed in our audit

The Group has adopted Hong K o n g F i n a n c i a l R e p o r t i n g S t a n d a r d 9 F i n a n c i a l i n s t r u m e n t s ( “ H K F R S 9 ” ) which replaced Hong Kong A c c o u n t i n g S t a n d a r d 3 9 F i n a n c i a l I n s t r u m e n t s : recognition and measurement, since 1 January 2018. HKFRS 9 has amended the previous classification and measurement f r a m e w o r k o f f i n a n c i a l instruments and introduced a m o r e c o m p l e x e x p e c t e d c r e d i t l o s s ( “ E C L ” ) m o d e l to calculate the impairment. T h e B a n k i s r e q u i r e d t o r e t r o s p e c t i v e l y a p p l y t h e classification and measurement (including impairment) and measurements and recognize any dif ference between the o r i g i n a l c a r r y i n g a m o u n t and new carrying amount at the date of initial application ( i .e . 1 January 2018) in the opening retained earnings or other component of equity. Also, a new impairment model for financial assets including advances to customers has been developed.

Our audi t procedures to assess loss a l lowance for expected credi t losses included the following:

• eva luat ing the e f fec t iveness o f internal control operations related to provision for expected credit losses:

– assessing the key design and o p e r a t i o n a l e f f e c t i v e n e s s of internal controls of the financial reporting process, including credit approval , recording, monitoring, re-evaluation of periodic credit grading, and the accrual of loss allowance; In particular, w e a s s e s s e d t h e d e s i g n , implementation and operating e f f e c t i v e n e s s o f t h e k e y internal controls over the classification of loans by credit quality across all stages;

– involving our information technology specialists to assess the design, implementation and operating effectiveness o f g e n e r a l i n f o r m a t i o n t e c h n o l o g y c o n t r o l s a n d automated controls of key information system critical to the credit grading process a n d t r a n s a c t i o n p r o c e s s , including controls over access to systems, controls over data a n d c h a n g e m a n a g e m e n t , data transmission between systems, compilation of the overdue reports for advances to cus tomers , mapping o f p a r a m e t e r s o f e x p e c t e d credit loss model and system calculation of loss allowance for expected credit loss;

關鍵審計事項（續）

客戶貸款的減值

詳情請參閱分別列載於綜合財務報表的附註2.7.1(vii), 4.2(i)及26

關鍵審計事項我們的應對

集團自2018年1月1日起採用《香港財務報告準則第9號－金融工具》（《香港財務報告準則第9號》），該準則已取代了《香港會計準則第39號－金融工具：確認和計量》。《香港財務報告準則第9號》對金融工具分類和計量的原有框架作出了修訂，並引入了更加複雜的預期信用損失模型來評估減值。集團需追溯應用新的分類和計量（包括減值準備）要求，並將原帳面金額與初始應用日（即二零一八年一月一日）的新帳面的金額之間的任何差異計入期初留存溢利或權益的其他組成部份。此外，集團已就計量金融資產（包括客戶貸款）的減值準備制定新的模型。

審計方法：

• 了解和評價與客戶貸款減值準備相關的內部控制運行的有效性：

－了解和評價信用審批、記錄、監控、定期信用等級重評、以及減值準備計提等相關的關鍵財務報告內部控制的設計和運行有效性；特別地，我們評價與基於各級次客戶貸款的資產品質而進行貸款階段劃分相關的關鍵內部控制的設計和運行有效性；

－我們的信息技術專家參與評估系統的一般控制的環境及對信用評級過程和交易過程有關鍵影響的資訊系統的自動控制的設計，實施和運營效率，包括對系統訪問的控制，數據控制和變更管理，系統之間的數據傳輸，逾期報告的匯編，預期信用損失模型的參數映射和預期信用損失的損失準備的系統計算；

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I m p a i r m e n t o f l o a n s a n d advances to customers i s a s u b j e c t i v e a r e a d u e t o t h e degree of judgment applied by management in determining impairment allowances. From the Group’s perspective, the d e t e r m i n a t i o n o f t h e l o s s a l l o w a n c e s f o r l o a n s a n d a d v a n c e s t o c u s t o m e r s i s h e a v i l y d e p e n d e n t o n t h e external macro environment and the Group’s internal credit risk management strategy, and the judgments in determining the loss given default or the assessment of recoverable cash f lows relating to individual l o a n s a n d a d v a n c e s t o customers, where loans and advances to customers were unsecured or were subject to potential collateral shortfalls.

The Group classifies financial i n s t r u m e n t s i n t o t h r e e s t a g e s a n d r e c o g n i z e s a n impairment allowance based on the expected credit loss for the next 12 months or the entire lifetime of the financial asset, depending on whether credit risk on that financial i n s t r u m e n t h a s i n c r e a s e d s i g n i f i c a n t l y s i n c e i n i t i a l recognition and whether an asset is considered to be credit-impaired respectively.

• e v a l u a t i n g t h e a c c u r a c y o f t h e c l a s s i f i c a t i o n o f f i n a n c i a l i n s t r u m e n t s . W e o b t a i n e d information on how management a p p l i e d t h e c l a s s i f i c a t i o n requirements of the new financial ins t ruments s tandards and the classification results. On a sample basis we assessed the contractual cash f low characteris t ics of the advances to customers and relevant d o c u m e n t s i n r e l a t i o n t o t h e business model;

• obtaining journal entries relating to adjustments made on transition to the new financial instruments standards and compared the list of c lass i f icat ion of advances to customers, the original carrying amounts, the list of journal entries and new carrying amounts of the advances to customers to assess if the journal entries have been entirely put through the system accurately;

• selecting samples to recalculate the new carrying amount of the advances to customers and assessing the accuracy of the opening balance at the date of initial application (i.e. 1 January 2018);


客戶貸款減值準備的確定涉及管理層主觀判斷。對於集團而言，客戶貸款減值準備的確定較大程度依賴於外部宏觀環境和集團內部信用風險管理策略，以及運用判斷確定違約損失率或評估沒有設定擔保物的或者可能存在擔保物不足情況的個別客戶貸款及貸款的可收回現金流。

集團基於金融工具的信用風險自初始確認後是否已顯著增加及是否已發生信貸不良，將金融工具劃分入三個風險階段，按照相當於該金融工具未來12個月內或整個存續期內預期信用損失的金額計量其損失準備。

• 對金融工具的分類準確性進行了評估。我們獲取了有關管理層如何應用新金融工具準則中的分類要求以及相關分類結果的數據。我們採取抽樣的方法，對客戶貸款的合同現金流量特徵及與其業務模式相關的檔進行了評估；

• 獲取在新金融工具準則過度時所作的調整有關的會計分錄，並對比客戶貸款分類清單以及客戶貸款的原帳面金額與新帳面金額，以評估該會計分錄是否已恰當地計入會計系統；

• 選取樣本，重新計算客戶貸款的新帳面金額，評估初始應用日（即2018年1月1日）的餘額的準確性；



詳情請參閱分別列載於綜合財務報表附註2.7.1(vii), 4.2(i)及26




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The loss allowance for loans and advances to customers, other than those corporate loans and advances which are credit-impaired, is measured u s i n g t h e r i s k p a r a m e t e r s method. The key parameters include probability of default ( P D ) , l o s s g i v e n d e f a u l t (LGD) and exposure at default ( E A D ) , w h i c h a r e d e r i v e d from considerations including the historical overdue data, historical loss ratio, internal c r e d i t g r a d i n g a n d o t h e r adjustment factors.

• assessing the methodology used for compliance with the requirements of HKFRS 9 and the reliability of expected credit loss models and parameters used with the assistance of our internal specialists, evaluating probability of default, loss given default, exposure at default, discount rate, forward-looking adjustment and other adjustment factors, and evaluating the reasonableness of key management judgments involved;

• assessing the completeness and accuracy of data used for the key parameters in the expected credit loss model, by selecting samples and comparing individual loan information with the underlying a g r e e m e n t s a n d o t h e r r e l a t e d d o c u m e n t a t i o n t o a s s e s s t h e accuracy of the loan information in the expected credit loss model. For key parameters derived from external data, we selected samples to inspect the accuracy of such data by comparing them with public sources;


除企業客戶貸款已發生信貸不良的客戶貸款以外，採用風險參數法進行計量。關鍵參數包括違約概率、違約損失率及違約風險敞口，參數評估考慮的因素包括歷史逾期資料、歷史損失率、內部信用評級及其他調整因素。

• 在我們的內部專家的協助下，對管理層遵循《香港財務報告準則第9號》的要求所採納的方法，以及預期信用損失模型及其所運用的參數的可靠性進行了評估，包括評估了違約概率、違約損失率、違約風險敞口、折現率及根據前瞻性信息的調整及其他調整因素，以及評估了所涉及的主要管理層判斷的合理性；

• 採用抽樣的方法，對納入預期信用損失模型的關鍵參數所運用的信息進行了完整性和準確性評估；將單項貸款的資料與相關協定及其他相關檔進行了對比，以評估對納入預期信用損失模型的貸款數據的準確性。對於由外部資訊計算得出的關鍵參數，我們採用抽樣的方法，並通過與公開資料進行對比，檢查了該等數據是否準確；







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已發生信貸不良的企業客戶貸款採用現金流貼現法評估其預期信用損失。在運用判斷確定可回收現金流時，管理層會考慮多種因素，這些因素包括客戶貸款的可行的清收措施、借款人的財務狀況、擔保物的估值、索賠受償順序、是否存在其他債權人及其配合程度。當集團聘請外部評估師對特定資產和其他流動性不佳的擔保物進行評估時，可執行性、時間和方式也會影響最終的可收回金額並影響報告期末的預期信用損失準備金額。

• 對於涉及判斷的關鍵參數，通過從外部管道獲得相應證明和與集團的歷史損失經驗等內部記錄進行對比，對主要參數進行評估。作為審計程式的一部分，我們詢問了管理層對估計值和模型參數作出修改的原因，考慮了管理層判斷的一致性；

• 將模型中所運用的經濟因素與市場訊息進行對比，以評價這些數據是否與市場及經濟的發展相符；

• 選擇樣本，評價管理層對信用風險是否自初始確認後發生了顯著增加的判斷及貸款是否已發生減值的評估的合理性。我們按行業對集團的貸款組合進行了分析，並且從更易受到當前經濟情況衝擊的行業中選取樣本，同時參考其他具潛在信用風險的借款人。我們檢查了貸款逾期資料，詢問了信貸經理借款人的業務運營狀況，檢查了借款人的財務資料及調查了有關借款人所從事業務活動的市場訊息；


Loss allowances for the credit-impaired corporate loans and advances are measured using t h e d i s c o u n t e d c a s h f l o w method. Management exercises j u d g m e n t i n d e t e r m i n i n g recoverable cash flow based on a range of factors. These factors include available remedies for recovery, the financial situation of the borrowers, collateral va luat ion , the senior i ty o f the claim and the existence and cooperativeness of other creditors. Whilst the Group appoints an external appraiser for the valuation of certain property and other i l l iquid c o l l a t e r a l , e n f o r c e a b i l i t y , timing and means of realization a l s o a f f e c t t h e u l t i m a t e collectability and thereby the amount of expected credit loss allowances as at the reporting date.

• assessing key parameters involving judgments by seeking evidence from external sources and comparing it with internal records including historical loss experience. As part of these procedures, we inquired management for the reasons of modif icat ions of es t imates and model parameters, and considered the consistency of management judgments;

• comparing the economic factors used in the models with market i n f o r m a t i o n t o a s s e s s w h e t h e r they were aligned with market and economic development;

• se lec t ing samples to assess the reasonableness of management judgments on whether the credit risk has increased significantly since init ial recognition and whether credit impairment has occurred. We analysed the portfolio by industry sector to select samples in industries more vulnerable to the current economic situation with reference to other borrowers with potential credit risk. We checked loan overdue informat ion, making enquir ies of the credit managers about the borrowers’ business operations, c h e c k i n g b o r r o w e r s ’ f i n a n c i a l information and researching market i n f o r m a t i o n a b o u t b o r r o w e r s ’ businesses;






Refer to notes 2.7.1(vii), 4.2(i) and 26 to the consolidated financial statements and the accounting policies on respectively.

75




由於客戶貸款減值準備的確定存在固有不確定性以及涉及到管理層判斷，同時其對集團的經營狀況和資本狀況會產生重要影響，我們將客戶貸款減值準備的確定識別為關鍵審計事項。

• 對於所選取的、已發生信貸不良的企業客戶貸款樣本，執行了信用風險評估，包括通過詢問管理層評價預測可收回的現金流量，運用判斷及開展調研，以及評價抵押品變現及預測現金流量的時間和方式，對集團回收方案的可行性提出疑問，並考慮了管理層認定的其他還款來源。我們亦評價了管理層是否一致地應用了主要假設，並將該等假設與我們取得的資料來源進行了比對；以及

• 評價與客戶貸款減值準備相關的財務報表資訊披露是否符合相關會計準則的披露要求。


W e i d e n t i f i e d t h e l o s s allowance for expected credit losses as a key audit matter b e c a u s e o f t h e i n h e r e n t uncertainty and management j u d g m e n t s i n v o l v e d , a n d because the loss a l lowance is significant to the financial r e s u l t s a n d c a p i t a l o f t h e Group.

• per forming cred i t a s sessments for the selected credit impaired corporate loans and advances by assessing the forecast of recoverable cash flows through inquiry, applying judgment and our own research, and evaluating the timing and means of realization of collateral, forecast cash flows, challenging the viability o f t h e G r o u p ’ s r e c o v e r y p l a n s and considering other sources of repayment asserted by management. We also evaluated the consistency of management’s application of key assumptions and compared them with our own data sources; and

• evaluating whether the presentations and disclosures relating to change in accounting standard on advances to customers and impairment of loans and advances to customers meet the disclosure requirements in the prevailing accounting standards.







76




金融工具公允價值的確定

詳情請參閱分別列載於綜合財務報表的附註2.7.1(vi), 4.6,23,24,25及27


以公允價值列賬的金融工具是集團持有的重要資產之一。集團於2018年12月31日以公允價值計量的金融資產金額為1,232.92億港幣。其中，在公允價值級次第一層、第二層及第三層的金融資產公允價值分別為877.42億港幣、326.88億港幣及28.62億港幣。集團於2018年12月31日以公允價值計量的金融負債金額為95.63億港幣，均屬於公允價值級次第二層的金融負債。

集團所持有以公允價值計量的金融工具是用一系列市場數據及需要大量參數的估值模型進行計量的。這其中有大部分的資訊是從流動市場的公開信息中獲得的。一些不能從公開信息中獲得的資料，例如運用於公允價值級次第三層的金融工具中的資料，則需要運用管理層的判斷進行估計。

集團已經形成了用於對特定的某些在公允價值級次第二層及第三層的金融工具進行估值的模型。這些模型也都涉及重大的管理層判斷。

審計方法：

• 測試圍繞金融工具的估值及獨立第三方價值確認的關鍵內部控制的設計、執行及運行有效性。

• 採用抽樣的方式，將集團計算所得的公允價值級次第一層級和第二層級的金融工具之公允價值與市場公開信息進行比較。

• 採用抽樣的方式，讓我們的內部估值專家對公允價值級次第二層級的金融工具進行獨立估值，並將結果與集團的計算進行比較。我們的獨立估值包括形成估值模型、獨立獲取參數及驗證參數。

• 評估運用於所有公允價值級次第三層的金融工具的估值模型，對集團所採用的假設提出質疑並將其與市場公開信息進行比較。

• 根據主要的相關會計準則，確定綜合財務報表中的披露是否適當地反映了集團的金融工具估值風險敞口。


Assessment of the fair value of financial instruments

Refer to notes 2.7.1(vi), 4.6, 23, 24, 25 and 27 to the consolidated financial statements respectively.


Financial instruments carried at fa ir va lue accounted for a s ignif icant portion of the Group’s assets. At 31 December 2018 , t h e f a i r v a l u e o f t h e Group’s financial assets was H K D 1 2 3 , 2 9 2 m i l l i o n o f which HKD87,742 mil l ion, H K D 3 2 , 6 8 8 m i l l i o n a n d H K D 2 , 8 6 2 m i l l i o n w e r e classified under the fair value hierarchy as level 1, 2 and 3 financial assets respectively. At 31 December 2018, the fair value of the Group’s financial l i a b i l i t i e s w a s H K D 9 , 5 6 3 million which were all classified under the fair value hierarchy as level 2 financial liabilities.

The valuation of the Group’s f inancial instruments, held a t fa i r va lue , i s based on a combination of market data and valuation models which often require a considerable number of inputs . Many of t h e s e i n p u t s a r e o b t a i n e d from readily available data for liquid markets. Where such observable data is not readily ava i lab le , a s in the case o f level 3 financial instruments, estimates need to be developed which can involve significant management judgement.

T h e G r o u p h a s d e v e l o p e d i t s o w n m o d e l s t o v a l u e c e r t a i n l e v e l 2 a n d l e v e l 3 financial instruments, which a l s o i n v o l v e s s i g n i f i c a n t management judgement.

Our audit procedures to assess the fair value of financial instruments included the following:

• assessing the design, implementation and operating effectiveness of key internal controls over the valuation and independent price verification of financial instruments;

• c o m p a r i n g t h e f a i r v a l u e s o f a sample of level 1 and level 2 financial instruments applied by the Group with publicly available market data;

• e n g a g i n g o u r i n t e r n a l v a l u a t i o n specialists to assist us in performing, o n a s a m p l e b a s i s , i n d e p e n d e n t v a l u a t i o n s o f l e v e l 2 f i n a n c i a l instruments and comparing these valuations with the Group’s valuations. Our independent valuation included developing models, obtaining inputs independent ly and ver i fy ing the inputs;

• assessing the valuation models applied for all level 3 financial instruments, challenging the assumptions applied by the Group and assessing inputs appl ied by comparing them with publicly available information;

• assessing whether the disclosures in the consolidated financial statements appropriately reflected the Group’s exposure to f inancial instrument v a l u a t i o n r i s k w i t h r e f e r e n c e t o the requirements of the prevailing accounting standards; and

77




由於金融工具估值方面的複雜性及決定所採用的參數和模型所需的管理層判斷的程度，我們將金融工具公允價值的計量認定為一項關鍵審計事項。

• 對於在處理金融工具中比較關鍵的系統，我們的資訊技術專家也參與了評估這些系統中相關自動控制的設計、執行及運行有效性。我們還評估了包括系統存取權限和資訊及變更管理等內部控制的設計、執行及運行有效性。

綜合財務報表及其核數師報告以外的信息

董事需對其他信息負責。其他信息包括刊載於年報告內的全部信息，但不包括綜合財務報表及我們的核數師報告。

我們對綜合財務報表的意見並不涵蓋其他信息，我們亦不對該等其他信息發表任何形式的鑒證結論。

結合我們對綜合財務報表的審計，我們的責任是閱讀其他信息，在此過程中，考慮其他信息是否與綜合財務報表或我們在審計過程中所了解的情況存在重大抵觸或者似乎存在重大錯誤陳述的情況。

基於我們已執行的工作，如果我們認為其他信息存在重大錯誤陳述，我們需要報告該事實。在這方面，我們沒有任何報告。


We identified the assessment of the fair value of financial ins truments as a key audi t matter because of the degree of complexity involved in valuing certain financial instruments and the degree of judgement exercised by management in determining the inputs used in the valuation models.

• for the key underlying systems used for the processing of transactions in relation to financial instruments we utilised our information technology s p e c i a l i s t s t o a s s e s s t h e d e s i g n , i m p l e m e n t a t i o n a n d o p e r a t i n g effectiveness of a selection of relevant automated contro ls wi th in these systems. We also assessed the design, i m p l e m e n t a t i o n a n d o p e r a t i n g e f f ec t iveness o f the key in terna l c o n t r o l s o v e r t h e s e u n d e r l y i n g systems, including controls over access to these systems and controls over data and change management.

INFORMATION OTHER THAN THE CONSOLIDATED FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREONThe directors are responsible for the other information. The other information comprises all the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.


金融工具公允價值的確定

詳情請參閱分別列載於綜合財務報表的附註2.7(f), 2.10,4.6,23,24,25及27


Assessment of the fair value of financial instruments

Refer to notes 2.7(f), 2.10, 4.6, 23, 24, 25 and 27 to the consolidated financial statements respectively.

78



董事就綜合財務報表須承擔的責任

董事須負責根據香港會計師公會頒布的《香港財務報告準則》及香港《公司條例》擬備真實而中肯的綜合財務報表，並對其認為為使綜合財務報表的擬備不存在由於欺詐或錯誤而導致的重大錯誤陳述所需的內部控制負責。

在擬備綜合財務報表時，董事負責評估貴集團持續經營的能力，並在適用情況下披露與持續經營有關的事項，以及使用持續經營為會計基礎，除非董事有意將貴集團清盤或停止經營，或別無其他實際的替代方案。

審計委員會協助董事履行監督貴集團的財務報告過程的責任。

核數師就綜合財務報表審計承擔的責任

我們的目標，是對綜合財務報表整體是否不存在由於欺詐或錯誤而導致的重大錯誤陳述取得合理保證，並出具包括我們意見的核數師報告。我們是按照香港《公司條例》第405 條的規定，僅向全體成員報告。除此以外，我們的報告不可用作其他用途。我們概不就本報告的內容，對任何其他人士負責或承擔法律責任。

合理保證是高水平的保證，但不能保證按照《香港審計準則》進行的審計，在某一重大錯誤陳述存在時總能發現。錯誤陳述可以由欺詐或錯誤引起，如果合理預期它們單獨或滙總起來可能影響綜合財務報表使用者依賴財務報表所作出的經濟決定，則有關的錯誤陳述可被視作重大。

在根據《香港審計準則》進行審計的過程中，我們運用了專業判斷，保持了專業懷疑態度。我們亦：

• 識別和評估由於欺詐或錯誤而導致綜合財務報表存在重大錯誤陳述的風險，設計及執行審計程序以應對這些風險，以及獲取充足和適當的審計憑證，作為我們意見的基礎。由於欺詐可能涉及串謀、偽造、蓄意遺漏、虛假陳述，或凌駕於內部控制之上，因此未能發現因欺詐而導致的重大錯誤陳述的風險高於未能發現因錯誤而導致的重大錯誤陳述的風險。

• 了解與審計相關的內部控制，以設計適當的審計程序，但目的並非對貴集團內部控制的有效性發表意見。

RESPONSIBILITIES OF THE DIRECTORS FOR THE CONSOLIDATED FINANCIAL STATEMENTSThe directors are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the Hong Kong Companies Ordinance and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

The directors are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group’s financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTSOur objectives are to obtain reasonable assurance about whether the consol idated f inancia l s tatements as a whole are free from mater ia l misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. This report is made solely to you, as a body, in accordance with section 405 of the Hong Kong Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

79



核數師就綜合財務報表審計承擔的責任（續）

• 評估董事所採用會計政策的恰當性及作出會計估計和相關披露的合理性。

• 對董事採用持續經營會計基礎的恰當性作出結論。根據所獲取的審計憑證，確定是否存在與事項或情況有關的重大不確定性，從而可能導致對貴集團的持續經營能力產生重大疑慮。如果我們認為存在重大不確定性，則有必要在核數師報告中提請使用者注意綜合財務報中的相關披露。假若有關的披露不足，則我們應當修改我們的意見。我們的結論是基於核數師報告日止所取得的審計憑證。然而，未來事項或情況可能導致貴集團不能持續經營。

• 評價綜合財務報表的整體列報方式、結構和內容，包括披露，以及綜合財務報表是否中肯反映相關交易和事項。

• 就貴集團內實體或業務活動的財務信息獲取充足、適當的審計憑證，以便對綜合財務報表發表意見。我們負責貴集團審計的方向、監督和執行。我們為審計意見承擔全部責任。

除其他事項外，我們與審計委員會溝通了計劃的審計範圍、時間安排、重大審計發現等，包括我們在審計中識別出內部控制的任何重大缺陷。

我們還向審計委員會提交聲明，說明我們已符合有關獨立性的相關專業道德要求，並與他們溝通有可能合理地被認為會影響我們獨立性的所有關係和其他事項，以及在適用的情況下，相關的防範措施。

從與審計委員會溝通的事項中，我們確定哪些事項對本期綜合財務報表的審計最為重要，因而構成關鍵審計事項。我們在核數師報告中描述這些事項，除非法律法規不允許公開披露這些事項，或在極端罕見的情況下，如果合理預期在我們報告中溝通某事項造成的負面後果超過產生的公眾利益，我們決定不應在報告中溝通該事項。

本次獨立核數師報告的項目合夥人為黃寶珊。

畢馬威會計師事務所執業會計師香港中環遮打道10號太子大廈8樓二零一九年三月二十六日

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overal l presentat ion, s tructure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, related safeguards.

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Ms. Wong Po Shan.

KPMGCertified Public Accountants8th Floor, Prince’s Building10 Chater RoadCentral, Hong Kong26 March 2019

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截至二零一八年十二月三十一日止年度For the year ended 31 December 2018

綜合收益表Consolidated Income Statement

(重列)(Restated)

2018 2017附註千港元千港元Notes HK$’000 HK$’000

利息收入 Interest income (6) 27,771,325 20,927,956利息支出 Interest expense (6) (16,146,057) (10,876,391)

淨利息收入 Net interest income (6) 11,625,268 10,051,565

收費及佣金收入 Fee and commission income (7) 2,768,364 2,674,004收費及佣金支出 Fee and commission expense (7) (372,638) (298,469)收費及佣金收入淨額 Net fee and commission income (7) 2,395,726 2,375,535

淨交易收入 Net trading income (8) 129,453 77,790以公平價值經損益表入賬金融資產及負債之淨收益

Net gain on financial assets and liabilities at fair value through profit or loss (9) 314,355 69,399

來自金融投資之股息收入 Dividend income from financial investments (10) 8,835 8,109其他營業收入 Other operating income (11) 263,302 52,429

營業收入 Operating income 14,736,939 12,634,827

營業支出 Operating expenses (12) (3,453,626) (3,063,715)

未扣除減值損失之營業溢利 Operating profit before impairment losses 11,283,313 9,571,112

金融資產之減值損失淨額 Net impairment losses on financial assets (14) (1,228,791) (579,795)

扣除減值損失之營業溢利 Operating profit after impairment losses 10,054,522 8,991,317

重估投資物業溢利 Revaluation gain on investment properties (30) 700 500出售物業及設備之虧損淨額 Net loss on disposal of property, plant and equipment (15) (5,088) (3,326)出售備供銷售金融投資之淨收益 Net gain on disposal of available-for-sale financial

investment – 438,144出售以公平價值經其他全面收益入賬金融資產之淨收益

Net gain on disposal of financial assets at fair value through other comprehensive income 329,085 –

出售持有至到期金融投資之淨收益 Net gain on disposal of held-to-maturity financial investment – 31,676

營業溢利 Operating profit 10,379,219 9,458,311

應佔聯營公司溢利 Share of profits of associates 12,390 22,396

除稅前溢利 Profit before tax 10,391,609 9,480,707

所得稅開支 Income tax expense (16) (2,113,446) (1,713,349)

年內本銀行股東應佔溢利 Profit for the year attributable to shareholders of the Bank 8,278,163 7,767,358

每股盈利 – 基本和攤薄 Earnings per share – Basic and diluted (19) HK$3.21 HK$3.01

81



綜合全面收益表Consolidated Statement of Comprehensive Income

2018 2017千港元千港元

HK$’000 HK$’000

年內溢利 Profit for the year 8,278,163 7,767,358

不可重新分類至收益表的項目： Item that will not be reclassified to income statement:

指定以公平價值經其他全面收益入賬權益投資之公平價值儲備變動

Change in fair value reserve of equity investments designated at FVTOCI (331,604) –

所得稅影響 Income tax effect 50,290 –

(281,314) –

銀行物業重估盈餘 Revaluation surplus on bank premises 20,958 23,079所得稅影響 Income tax effect (4,691) (37,887)

16,267 (14,808)

可能於其後重新分類至收益表之項目：

Items that may be reclassified subsequently to income statement:

現金流對冲之對冲工具之公平價值變動

Change of fair value of hedging instruments under cash flow hedges (35,286) (41,627)

所得稅影響 Income tax effect 5,822 6,868

(29,464) (34,759)

以公平價值經其他全面收益入賬金融資產之公平價值儲備變動

Change in fair value reserve of financial asset measured at fair value through other comprehensive income (1,082,010) –

備供銷售金融投資之公平價值儲備變動

Change in fair value reserve of available-for-sale financial investments – (611,057)

所得稅影響 Income tax effect 247,195 85,803

(834,815) (525,254)

換算海外附屬公司業績產生之匯兌差額

Exchange differences arising from translation of results of a foreign subsidiary (542,220) 791,664

年內除稅後其他全面收益 Other comprehensive income for the year, net of tax (1,671,546) 216,843

年內除稅後全面收益總額 Total comprehensive income for the year, net of tax 6,606,617 7,984,201

本銀行股東應得之 Attributable to:全面收益總額 Shareholders of the Bank 6,606,617 7,984,201

82


於二零一八年十二月三十一日As at 31 December 2018

綜合財務狀況表Consolidated Statement of Financial Position

二零一八年十二月三十一日

二零一七年十二月三十一日

31 December2018

31 December2017

附註千港元千港元Notes HK$’000 HK$’000

資產 Assets現金及在銀行同業及其他金融機構之結餘

Cash and balances with banks and other financial institutions (21) 151,374,532 160,925,901

在銀行同業及其他金融機構之存款 Placements with banks and other financial institutions (22) 74,217,313 78,670,984以公平價值經損益表入賬之金融資產 Financial assets at fair value through profit or loss (24) 525,689 731,157衍生金融工具 Derivative financial instruments (25) 9,144,877 15,394,138貸款及其他賬項 Advances and other accounts (26) 475,789,393 459,830,199金融投資： Financial Investment: 167,280,719 172,808,568－備供銷售 – Available-for-sale (27) – 77,623,934－以公平價值經其他全面收益入賬 – Measured at fair value through other

comprehensive income (27) 101,065,910 –－持有至到期 – Held-to-maturity (27) – 95,184,634－以攤銷成本入賬 – Measured at amortised cost (27) 66,214,809 –

於聯營公司之投資 Investments in associates (28) 97,984 405,722商譽及其他無形資產 Goodwill and other intangible assets (29) 1,017,797 1,017,282投資物業 Investment properties (30) 140,135 117,407物業及設備 Property, plant and equipment (31) 901,251 905,768現行稅項資產 Current income tax assets – 5,367遞延稅項資產 Deferred income tax assets (36) 749,768 320,505其他資產 Other assets (32) 12,378,929 6,976,029

資產總額 Total assets 893,618,387 898,109,027

負債 Liabilities銀行同業及其他金融機構之存款 Deposits from banks and other financial institutions (34) 161,433,060 177,631,111衍生金融工具 Derivative financial instruments (25) 6,920,387 8,617,305客戶存款 Deposits from customers (35) 533,531,808 496,311,783已發行存款證 Certificates of deposit issued 24,948,381 91,040,542已發行債券 Debt securities in issue 22,908,370 8,115,874－指定以公平價值經損益表入賬 – Designated at fair value through profit or loss 2,642,190 6,585,182－以攤銷成本入賬 – Measured at amortised cost 20,266,180 1,530,692

現行稅項負債 Current income tax liabilities 663,190 326,016以攤銷成本入賬之後償債項 Subordinated debts measured at amortised cost (37) 7,825,543 11,698,483其他負債 Other liabilities (38) 18,070,159 12,681,873

負債總額 Total liabilities 776,300,898 806,422,987

權益 Equity股本 Share capital (39) 36,379,331 36,379,331保留溢利 Retained earnings 51,287,301 44,301,642其他儲備 Other reserves 2,015,150 3,266,735

歸屬於本銀行股東權益總額 Total equity attributable to shareholders of the Bank 89,681,782 83,947,708額外權益工具 Additional equity instruments (40) 27,635,707 7,738,332

權益總額 Total equity 117,317,489 91,686,040

權益及負債總額 Total equity and liabilities 893,618,387 898,109,027

高明武龍 Gao Ming Wu Long主席兼執行董事

副主席、執行董事兼行政總裁

Chairman& Executive Director

Vice-Chaiman,Executive Director & Chief Executive Officer

83



綜合權益變動表Consolidated Statement of Changes in Equity

股本Share

capital

銀行物業重估儲備

Bank premises

revaluationreserve

公平價值儲備

（可轉回）Fair value

reserve(recycling)

公平價值儲備

（不可轉回）Fair value

reserve(non-

recycling)

現金流對沖儲備Cash flow

hedgereserve

匯兌儲備Exchange

reserve

一般儲備Generalreserve

保留溢利Retainedearnings

額外權益工具

Additionalequity

instrument總計

Total附註千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元Note HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

於二零一八年一月一日 At 1 January 2018 36,379,331 592,489 (1,077,383) 87,747 108,473 104,397 3,451,012 44,301,642 7,738,332 91,686,040採納《香港財務報告準則》第9號之影響

Impact of adopting HKFRS 9– – 341,202 (78,141) – – – (317,345) – (54,284)

36,379,331 592,489 (736,181) 9,606 108,473 104,397 3,451,012 43,984,297 7,738,332 91,631,756年內溢利 Profit for the year – – – – – – – 8,278,163 – 8,278,163年內其他全面收益： Other comprehensive income for

the year: 以公平價值經其他全面收益入賬金融資產之公平價值變動

Change in fair value of financial asset measured at fair value through other comprehensive income – – (1,019,727) (331,604) – – – – – (1,351,331)

出售以公平價值經其他全面收益入賬投資證券之已變現儲備

Reserve realised on disposal of Investment securities measured at fair value through other comprehensive income – – (90,536) – – – – – – (90,536)

現金流對沖之公平價值變動

Changes in fair value of cash flow hedge – – – – (35,286) – – – – (35,286)

預期信用損失撥備之變動 Change in provision for ECL – – 28,253 – – – – – – 28,253銀行物業重估盈餘 Revaluation surplus on bank

premises – 20,958 – – – – – – – 20,958遞延稅項變動 Change in deferred tax (36) – (4,691) 247,195 50,290 5,822 – – – – 298,616匯兌差額 Exchange differences – – – – – (542,220) – – – (542,220)

期內全面收益總額 Total comprehensive income for the period – 16,267 (834,815) (281,314) (29,464) (542,220) – 8,278,163 – 6,606,617

發行額外權益工具 Issuance of additional equity instruments – – – – – – – – 19,897,375 19,897,375

轉撥部分保留溢利至一般儲備

Partial transfer of retained earnings to general reserve – – – – – – 156,900 (156,900) – –

其他調整項目 Other adjustments – – – – – – – (818,259) – (818,259)

於二零一八年十二月三十一日

At 31 December 201836,379,331 608,756 (1,570,996) (271,708) 79,009 (437,823) 3,607,912 51,287,301 27,635,707 117,317,489

84


綜合權益變動表Consolidated Statement of Changes in Equity截至二零一七年十二月三十一日止年度For the year ended 31 December 2017

股本Share

capital


Bank premises

revaluation reserve

投資重估儲備

Investment revaluation

reserve

現金流對沖儲備Cash flow

hedge reserve


reserve

一般儲備General reserve

保留溢利Retained earnings

額外權益工具

Additional equity

instruments總計Total

附註千港元千港元千港元千港元千港元千港元千港元千港元千港元Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

於二零一七年一月一日 At 1 January 2017 36,379,331 607,297 (464,382) 143,232 (687,267) 3,018,641 37,150,962 7,738,332 83,886,146年內溢利 Profit for the year – – – – – – 7,767,358 – 7,767,358年內其他全面收益： Other comprehensive income

for the year: 備供銷售金融投資之公平價值變動

Change in fair value of available-for-sale financial investments – – (424,279) – – – – – (424,279)

出售備供銷售金融投資之已變現儲備

Reserve realised on disposal of available-for-sale financial investments – – (186,778) – – – – – (186,778)

現金流對沖之公平價值變動 Change in fair value of cash flow hedge – – – (41,627) – – – – (41,627)

銀行物業重估盈餘 Revaluation surplus on bank premises – 23,079 – – – – – – 23,079遞延稅項變動 Change in deferred tax (36) – (37,887) 85,803 6,868 – – – – 54,784匯兌差額 Exchange differences – – – – 791,664 – – – 791,664

年內全面收益總額 Total comprehensive income for the year – (14,808) (525,254) (34,759) 791,664 – 7,767,358 – 7,984,201

發行額外權益工具 Issurance of additional equity instruments – – – – – – – – –轉撥部分保留溢利至一般儲備

Partial transfer of retained earnings to general reserve – – – – – 432,371 (432,371) – –

發行股本 Issue of share capital – – – – – – – – –其他調整項目 Other adjustments – – – – – – (184,307) – (184,307)

於二零一七年十二月三十一日

At 31 December 201736,379,331 592,489 (989,636) 108,473 104,397 3,451,012 44,301,642 7,738,332 91,686,040

85



綜合現金流量表Consolidated Statement of Cash Flows


營業活動之現金流量： Cash flows from operating activities:除稅前溢利 Profit before tax 10,391,609 9,480,707金融資產之減值損失淨額 Net impairment losses on financial assets (14) 1,228,791 579,795以攤銷成本入賬之已發行債券攤銷 Amortisation of debt securities in issue

measured at amortised cost 416,611 112,222以攤銷成本入賬之後償債項攤銷 Amortisation of subordinated debts measured at

amortised cost 10,813 –無形資產攤銷 Amortisation of intangible assets (29) 10,795 15,049折舊 Depreciation (31) 98,466 99,934以攤銷成本入賬之後償債項利息支出

Interest expenses on subordinated debts measured at amortised cost 530,507 555,803

已發行債券利息支出 Interest expenses on debt securities in issue 141,643 287收回已撇銷貸款及其他賬項 Recoveries of loans and advances written off 1,897 2,387物業及設備之虧損淨額 Net loss from property, plant and equipment (15) 5,088 3,326重估投資物業收益 Revaluation gain on investment properties (30) (700) (500)出售以公平價值經其他全面收益入賬金融資產之淨收益

Net gain on disposal of financial assets measured at fair value through other comprehensive income (329,085) –

出售備供銷售金融投資之淨收益 Net gain on disposal of available-for-sale financial investments – (438,144)

出售持有至到期金融投資之淨收益 Net gain on disposal of held-to-maturity financial investments – (31,676)

以公平價值經損益表入賬金融資產及負債之淨收益

Net gain on financial assets and liabilities measured at fair value through profit or loss (314,355) (69,399)

應佔聯營公司溢利 Share of profits of associates (12,390) (22,396)來自上市備供銷售金融投資之股息收入

Dividend income from listed available-for-sale financial investments (10) – (244)

以公平價值經其他全面收益入賬非上市權益證券之股息收入

Dividend income from unlisted equity securities measured at fair value through other comprehensive income (8,835) –

來自非上市備供銷售金融投資之股息收入

Dividend income from unlisted available-for-sale financial investments (10) – (7,865)

匯兌差額與其他非現金項目之抵銷

Elimination of exchange difference and other non-cash items (6,263,552) 5,695,773

5,907,303 15,975,059

營業資產（增加）╱減少： (Increase)/decrease in operating assets:原到期日為三個月以上之庫券 Treasury bills with original maturity beyond

three months – (20,873,591)原到期日為三個月以上之銀行同業及其他金融機構之存款

Placements with banks and other financial institutions with original maturity beyond three months 19,985,499 (47,513,212)

持作交易用途金融資產 Financial assets held for trading – 672,251以公平價值經損益表入賬之金融資產

Financial assets measured at fair value through profit or loss 519,823 (728,155)

以公平價值經其他全面收益入賬金融資產（非股權投資）

Financial assets (non-equity) measured at fair value through other comprehensive income (20,303,539) –

以攤銷成本入賬金融資產 Financial assets measured at amortised cost 28,978,212 –備供銷售金融投資 Available-for-sale financial investments – 2,900,936貸款及其他賬項以及其他資產 Advances and other accounts and other assets (22,517,705) (37,698,415)衍生金融工具 Derivative financial instruments 6,234,974 2,972,079

營業負債增加╱（減少）： Increase/(decrease) in operating liabilities: 銀行同業及其他金融機構存款 Deposits from banks and other financial institutions (16,198,051) (30,698,433)客戶存款 Deposits from customers 37,220,025 74,731,874存款證 Certificates of deposit (60,175,499) 41,872,641其他負債 Other liabilities 5,286,162 2,099,717衍生金融工具 Derivative financial instruments (1,717,608) (9,447,512)

用於營業之現金流量 Cash flows used in operations (16,780,404) (5,734,761)已繳香港利得稅淨額 Hong Kong profits tax paid (1,510,764) (1,165,964)已付海外稅款 Overseas tax paid (355,499) (538,815)

用於營業活動之現金流量淨額 Net cash flows used in operating activities (18,646,667) (7,439,540)

86


綜合現金流量表Consolidated Statement of Cash Flows截至二零一八年十二月三十一日止年度For the year ended 31 December 2018


投資活動之現金流量： Cash flows from investing activities:購買非交易權益投資 Purchase of non-trading equity securities (4,284,787) –購買無形資產 Purchase of intangible assets (29) (12,244) (4,048)購買物業及設備 Purchase of property, plant and equipment (31) (102,185) (55,134)出售物業及設備所得款項 Proceeds from disposal of property, plant and

equipment 5,326 14,733自聯營公司收取之股息收入 Dividend income received from associates 288,928 –來自上市備供銷售證券之股息收入 Dividend income from listed available-for-sale

securities (10) – 244以公平價值經其他全面收益入賬非上市權益證券之股息收入

Dividend income from unlisted equity securities measured at fair value through other comprehensive income (10) 8,835 –

來自非上市備供銷售金融投資之股息收入

Dividend income from unlisted available-for-sale financial investments – 7,865

用於投資活動之現金流量淨額 Net cash flows used in investing activities (4,096,127) (36,340)

融資活動之現金流量： Cash flows from financing activities:發行額外權益工具 Issuance of additional equity instruments 19,897,375 –額外權益工具之分派付款 Distribution paid on additional equity instruments (818,259) –發行以攤銷成本入賬之已發行債券 Issuance of debt securities in issue measured at

amortised cost 18,767,697 467,392贖回以攤銷成本入賬之後償債項 Redemption of subordinated debts measured at

amortised cost (3,918,575) –以攤銷成本入賬之已發行債券到期 Mature of debt securities in issue measured at

amortised cost (448,820) –以公平價值經損益入賬債券到期 Mature of debt securities measured at fair value

through profit or loss (3,548,818) –發行指定以公平價值經損益表入賬之債券

Issuance of debt securities designated at fair value through profit or loss – 6,579,478

銷售權益證券所得款項 Proceeds from sale of equity securities – –購買權益證券之已支付利息 Interest paid on purchase of equity securities – –以攤銷成本入賬之後償債項已支付利息

Interest paid on subordinated debts measured at amortised cost (570,026) (550,082)

以攤銷成本入賬之已發行債券已支付利息

Interest paid on debt securities in issue measured at amortised cost (86,546) –

源自融資活動之現金流量淨額 Net cash flows from financing activities 29,274,028 6,496,788

匯兌差額之影響 Effects of foreign exchange differences (520,369) 863,798現金及等同現金項目之增加╱（減少）淨額

Net increase/(decrease) in cash and cash equivalents6,010,865 (115,294)

於一月一日之現金及等同現金項目 Cash and cash equivalents at 1 January 173,241,652 173,356,946

於十二月三十一日之現金及等同現金項目

Cash and cash equivalents at 31 December179,252,517 173,241,652

For the purposes of the consolidated statement of cash flows, cash and cash equivalents comprises the following balances with original maturity of three months or less:


HK$’000 HK$’000

現金及在銀行同業及其他金融機構之結餘（附註21）

Cash and balances with banks and other financial institutions (Note 21) 50,252,861 55,749,320

在銀行同業及其他金融機構之存款 Placements with banks and other financial institutions 128,999,656 117,492,332

179,252,517 173,241,652

源自經營業務活動的現金流量包括： Cash flows from operating activities included:利息收入 Interest received 27,482,778 25,443,102利息支出 Interest paid 14,705,692 12,451,077

就綜合現金流量表而言，現金及現金等同項目包括下列原到期日為三個月或以下之結餘：

87



財務報表附註Notes to the Financial Statements

1.1 PRINCIPAL ACTIVITIES

The principal activities of the Bank are the provision of banking, financial and other related services. The principal activities of the subsidiaries are shown in Note 33 to the financial statements.

1.2 PRINCIPAL PLACE OF BUSINESS

The Bank is a licensed bank incorporated and domiciled in Hong Kong and has its registered office and principal place of business at 33/F, ICBC Tower, 3 Garden Road, Central, Hong Kong.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below.

2.1 Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (HKFRSs), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (HKASs) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (HKICPA), accounting principles generally accepted in Hong Kong and the requirements of the Hong Kong Companies Ordinance.

The consolidated financial statements have been prepared under the historical cost convention, except for certain buildings modified by the revaluation, financial assets at fair value through other comprehensive income (FVTOCI) (2017: available for sale), financial assets and financial liabilities held for trading, financial assets and financial liabilities at fair value through profit or loss (FVTPL) and derivative financial instruments which have been measured at fair value.

1.1 主要業務

本銀行之主要業務為提供銀行、財務及其他相關服務。各附屬公司之主要業務載於財務報表附註33。

1.2 主要營業地點

本銀行為於香港註冊成立並於香港為本籍的持牌銀行，其註冊辦事處及主要營業地點為香港中環花園道3號中國工商銀行大廈33樓。

2 主要會計政策概述

編製本綜合財務報表採用之主要會計政策如下所述。

2.1 編製基準

本集團之綜合財務報表依照所有適用的《香港財務報告準則》（「《香港財務報告準則》」，當中包含由香港會計師公會（「香港會計師公會」）發出的所有適用的個別《香港財務報告準則》、《香港會計準則》（「《香港會計準則》」）及詮釋、香港普遍採納的會計原則，以及香港公司條例的規定）編製。

本綜合財務報表乃按歷史成本慣例編製，但有以下例外：對於某些房屋樓宇，本綜合財務報表採用「重估市價」計量，對於以公平價值經其他全面收益入賬金融資產（二零一七年：備供銷售）、持作交易用途之金融資產及金融負債、以公平價值經損益表入賬之金融資產及金融負債以及衍生金融工具則以公平價值來計量。

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財務報表附註Notes to the Financial Statements截至二零一八年十二月三十一日止年度For the year ended 31 December 2018

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.1 Basis of preparation (continued)

The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Details of judgements made by management in the application of HKFRS that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in note 3.

2 主要會計政策概述（續）

2.1 編製基準（續）

按照《香港財務報告準則》編製的財務報表要求管理層作出判斷、估計及假設。該等判斷、估計及假設會影響政策應用及所呈報的資產及負債、收入及支出金額。該等估計及相關假設以過往經驗及在具體情況下相信為合理的各項其他因素為基礎，而所得結果乃用作判斷目前無法直接通過其他來源獲得的資產及負債賬面值的依據。實際結果或會有別於該等估計。

該等估計及相關假設會持續予以審閱。如會計估計的修訂僅對作出修訂的期間產生影響則有關修訂只會在該期間內確認；如會計估計的修訂對現時及未來期間均產生影響，則會在作出該修訂期間及未來期間內確認。

在附註3內，管理層已解釋實施對財務報表有重大影響的《香港財務報告準則》所作的詳細判斷及不明朗估計的主要來源。

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2.2 Impact of new/revised Hong Kong Financial Reporting Standards (“HKFRSs”) and Hong Kong Accounting Standards (“HKASs”)

The HKICPA has issued a number of new HKFRSs and amendments to HKFRSs that are first effective for the current accounting period of the Group. Of these, the following amendments are relevant to the Group:

– HKFRS 9, Financial instruments

– HKFRS 15, Revenue from contracts with customers

– HK(IFRIC) 22, Foreign currency transactions and advance consideration

HKFRS 9, Financial instrumentHKFRS 9 replaces HKAS 39, Financial instruments: recognition and measurement. It sets out the requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items.

The Group has applied HKFRS 9 retrospectively to items that existed at 1 January 2018 in accordance with the transition requirements. The Group has recognised the cumulative effect of initial application as an adjustment to the opening equity at 1 January 2018. Therefore, comparative information continues to be reported under HKAS 39.

The following table summarises the impact of transition to HKFRS 9 on retained earnings and reserves and the related tax impact at 1 January 2018.

採納《香港財務報告準則》第9號於二零一八年

一月一日的影響Impact of

adopting HKFRS 9 at

1 January 2018 千港元

HK$’000

投資重估儲備 Investment revaluation reserve《香港會計準則》第39號下的期末結餘（二零一七年十二月三十一日）

Closing balance under HKAS 39 (31 December 2017)(989,636)

重新計量由持有至到期重新分類為以公平價值經其他全面收益入賬之投資證券

Remeasurement of Investment securities reclassified from held-to-maturity to FVTOCI 339,293

確認《香港財務報告準則》第9號下之額外預期信用損失 Recognition of additional expected credit losses under HKFRS 9 57,892轉撥自有關《香港財務報告準則》第9號下指定以公平價值經其他全面收益入賬權益投資之保留溢利

Transferred from retained earnings relating to equity investment designated at FVTOCI under HKFRS 9 (78,141)

相關稅項 Related tax (55,983)

《香港財務報告準則》第9號下的期初結餘（二零一八年一月一日）

Opening balance under HKFRS 9 (1 January 2018) (726,575)


2.2 新訂╱或經修訂《香港財務報告準則》（「《香港財務報告準則》」）及《香港會計準則》（「《香港會計準則》」）的影響

香港會計師公會已頒布數項於本集團的本會計期間首次生效的新訂及經修訂之《香港財務報告準則》。其中，以下修訂與本集團相關：

－《香港財務報告準則》第9號「金融工具」

－《香港財務報告準則》第15號「來自客戶合約的收入」

－香港《國際財務報告準則詮釋委員會詮釋》第22號「外幣交易和預付對價」

《香港財務報告準則》第9號「金融工具」《香港財務報告準則》第9號取代《香港會計準則》第39號「金融工具：確認及計量」。此準則載列確認和計量財務資產、財務負債和一些買賣非財務項目合約的規定。

本集團已根據過渡要求追溯應用《香港財務報告準則》第9號於二零一八年一月一月存在的項目。本集團已經以調整於二零一八年一月一日的期初保留權益的方式確認初始應用的累積影響。因此，比較資料繼續根據《香港會計準則》第39號呈列。

下表概述過渡至《香港財務報告準則》第9號於二零一八年一月一日對保留溢利及儲備的影響以及相關的稅務影響。

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2.2 Impact of new/revised Hong Kong Financial Reporting Standards (“HKFRSs”) and Hong Kong Accounting Standards (“HKASs”) (continued)

HKFRS 9, Financial instrument (continued)採納《香港財務

報告準則》第9號於

二零一八年一月一日的

影響Impact of adopting

HKFRS 9 at 1 January 2018

千港元HK$’000

保留溢利 Retained earnings《香港會計準則》第39號下的期末結餘（二零一七年十二月三十一日）

Closing balance under HKAS 39 (31 December 2017)44,301,642

確認《香港財務報告準則》第9號下之額外預期信用損失

Recognition of additional expected credit losses under HKFRS 9(500,336)

轉撥至有關《香港財務報告準則》第9號下指定以公平價值經其他全面收益入賬權益投資之投資重估儲備

Transferred to investment revaluation reserve relating to equity investment designated at FVTOCI under HKFRS 9

78,141相關稅項 Related tax 104,850

《香港財務報告準則》第9號下的期初結餘（二零一八年一月一日）

Opening balance under HKFRS 9 (1 January 2018)43,984,297

Further details of the nature and effect of the changes to previous accounting policies and the transition approach are set out below:

(i) Classification of financial assets and financial liabilitiesHKFRS 9 categories financial assets into three principal classification categories: measured at amortised cost, at fair value through other comprehensive income (FVTOCI) and at fair value through profit or loss (FVTPL). These supersede HKAS 39’s categories of held-to-maturity investments, loans and receivables, available-for-sale financial assets and financial assets measured at FVTPL. The classification of financial assets under HKFRS 9 is based on the business model under which the financial asset is managed and its contractual cash flow characteristics.


2.2 新訂╱或經修訂《香港財務報告準則》（「《香港財務報告準則》」）及《香港會計準則》（「《香港會計準則》」）的影響（續）

《香港財務報告準則》第9號「金融工具」（續）

有關以往會計政策變動及過渡方法的性質及影響之進一步詳情載列如下：

(i) 金融資產及金融負債的分類《香港財務報告準則》第9號將金融資產分類為三個主要類別：以攤銷成本入賬、以公平價值經其他全面收益入賬(FVTOCI)及以公平價值經損益表入賬(FVTPL)。彼等取代《香港會計準則》第39號的持有至到期投資、貸款及應收款項、備供銷售金融資產以及以公平價值經損益表入賬金融資產類別。根據《香港財務報告準則》第9號，金融資產分類按管理金融資產的業務模式及其合約現金流量的特性釐定。

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HKFRS 9, Financial instrument (continued)(i) Classification of financial assets and financial liabilities

(continued)Non-equity investments held by the Group are classified into one of the following measurement categories:

– amortised cost , i f the investment is held for the collection of contractual cash flows which represent solely payments of principal and interest. Interest income from the investment is calculated using the effective interest method;

– FVTOCI (recycling), if the contractual cash flows of the investment comprise solely payments of principal and interest and the investment is held within a business model whose objective is achieved by both the collection of contractual cash flows and sale. Changes in fair value are recognised in other comprehensive income, except for the recognition in profit or loss of expected credit losses, interest income (calculated using the effective interest method) and foreign exchange gains and losses. When the investment is derecognised, the amount accumulated in other comprehensive income is recycled from equity to profit or loss; or

– FVTPL, if the investment does not meet the criteria for being measured at amortised cost or FVTOCI (recycling). Changes in the fair value of the investment (including interest) are recognised in profit or loss.

An investment in equity securities is classified as FVTPL unless the equity investment is not held for trading purposes and on initial recognition of the investment the Group makes an election to designate the investment at FVTOCI (non-recycling) such that subsequent changes in fair value are recognised in other comprehensive income. Such elections are made on an instrument-by-instrument basis, but may only be made if the investment meets the definition of equity from the issuer’s perspective. Where such an election is made, the amount accumulated in other comprehensive income remains in the fair value reserve (non-recycling) until the investment is disposed of. At the time of disposal, the amount accumulated in the fair value reserve (non-recycling) is transferred to retained earnings. It is not recycled through profit or loss. Dividends from an investment in equity securities, irrespective of whether classified as at FVTPL or FVTOCI (non-recycling), are recognised in profit or loss as other income.

Under HKFRS 9, derivatives embedded in contracts where the host is a financial asset in the scope of the standard are not separated from the host. Instead, the hybrid instrument as a whole is assessed for classification.



《香港財務報告準則》第9號「金融工具」（續）(i) 金融資產及金融負債的分類（續）

本集團持有的非權益投資分類為以下其中一個計量類別：

－以攤銷成本，倘持有投資以用作收取合約現金流量，即純粹為獲得本金及利息付款。投資利息收入採用實際利率法計算；

－以公平價值經其他全面收益入賬（可轉回），倘投資的合約現金流量僅包括本金及利息付款，且該投資以通過收取合約現金流量及出售實現目標的業務模式所持有。公平價值變動於其他全面收益確認，惟預期信用損失、利息收入（採用實際利率法計算）及匯兌損益於損益中確認除外。投資終止確認時，於其他全面收益累計的金額由權益轉回損益；或

－以公平價值經損益表入賬，倘投資不符合以攤銷成本入賬或以公平價值經其他全面收益入賬（可轉回）的準則。投資的公平價值變動（包括利息）於損益中確認。

權益證券投資分類為以公平價值經損益表入賬，除非該權益投資並非以交易為目的持有，且於初始確認投資時本集團選擇指定該投資以公平價值經其他全面收益入賬（不可轉回），以致公平價值其後變動於其他全面收益確認。該等選擇乃按個別工具基準作出，惟僅可於該投資從發行人角度而言符合權益定義時作出。倘作出該選擇，其他全面收益中累計的金額維持於公平價值儲備（不可轉回）中，直至出售該投資為止。出售時，累計於公平價值儲備（不可轉回）中的金額轉撥至保留溢利。該金額並不透過損益轉回。權益證券投資產生的股息（不論其是否分類為以公平價值經損益表入賬或以公平價值經其他全面收益入賬（不可轉回））均於損益中確認為其他收入。

根據《香港財務報告準則》第9號，嵌入主合約為該準則範疇內金融資產的合約的衍生工具不與主合約分開。相反，混合工具整體就分類進行評估。

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下表列示本集團根據《香港會計準則》第39號各原計量類別及於二零一八年一月一日《香港財務報告準則》第9號下各新的計量類別：




(continued)The following table shows the original measurement categories in accordance with HKAS 39 and the new measurement categories under HKFRS 9 for the Group as at 1 January 2018

《香港會計準則》第39號下的原分類

《香港財務報告準則》第9號下的新分類

《香港會計準則》第39號下的原賬面值

《香港財務報告準則》第9號下的

新賬面值Original classification under HKAS39

New classification under HKFRS 9

Original carrying amount under

HKAS 39

New carrying amount under

HKFRS 9附註千港元千港元Notes HK$’000 HK$’000

金融資產Financial assets現金及在銀行同業及其他金融機構之結餘 (21) 貸款及應收款項已攤銷成本 160,925,901 160,925,901Cash and balances with banks and other financial

institutionsLoans and receivables Amortised cost

在銀行同業及其他金融機構之存款 (22) 貸款及應收款項已攤銷成本 78,670,984 78,670,984Placements with banks and other financial institutions Loans and receivables Amortised cost

持作交易用途金融資產 (23) 以公平價值經損益表入賬

以公平價值經損益表入賬（強制性）

– –

Financial assets held for trading FVTPL FVTPL (mandatory)

衍生金融工具 (25) 以公平價值經損益表入賬

以公平價值經損益表入賬（強制性）

15,394,138 15,394,138

Derivative financial instruments FVTPL FVTPL (mandatory)

指定為以公平價值經損益表入賬金融資產 (24) 以公平價值經損益表入賬（被指定）

以公平價值經損益表入賬（被指定）

731,157 731,157

Financial assets designated at fair value through profit or loss

FVTPL (designated) FVTPL (designated)

貸款及其他賬項 (26) 貸款及應收款項已攤銷成本 459,830,199 459,830,199Advances and other accounts Loans and receivables Amortised cost

投資證券： 172,808,568 173,147,861Investment securities:

－債券 (27) 備供銷售以公平價值經其他全面收益入賬

77,373,570 77,373,570

– debt Available-for-sale FVTOCI

－權益 (27) 備供銷售以公平價值經其他全面收益入賬

250,364 250,364

– equity Available-for-sale FVTOCI

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《香港會計準則》第39號下的原分類

《香港財務報告準則》第9號下的新分類

《香港會計準則》第39號下的原賬面值

《香港財務報告準則》第9號下的

新賬面值Original classification under HKAS39

New classification under HKFRS 9


HKAS 39


HKFRS 9附註千港元千港元Notes HK$’000 HK$’000

－債券 (27) 持有至到期已攤銷成本 79,435,830 79,435,830– debt Held-to-maturity Amortised cost

－債券 (27) 持有至到期以公平價值經其他全面收益入賬

15,748,804 16,088,097

– debt Held-to-maturity FVTOCI

其他資產 (32) 貸款及應收款項已攤銷成本 6,976,029 6,976,029Other assets Loans and receivables Amortised cost

金融負債Financial liabilities

銀行同業及其他金融機構之存款 (34) 已攤銷成本已攤銷成本 177,631,111 177,631,111Deposits from banks and other financial institutions Amortised cost Amortised cost

衍生金融工具 (25) 以公平價值經損益表入賬

以公平價值經損益表入賬

8,617,305 8,617,305

Derivative financial instruments FVTPL FVTPL

客戶存款 (35) 已攤銷成本已攤銷成本 496,311,783 496,311,783Deposits from customers Amortised cost Amortised cost

已發行存款證已攤銷成本已攤銷成本 91,040,542 91,040,542Certificates of deposit issued Amortised cost Amortised cost

已發行債券 8,115,874 8,115,874Debt securities in issue

－指定以公平價值經損益表入賬以公平價值經損益表入賬


6,585,182 6,585,182

– Designated at fair value through profit or loss FVTPL FVTPL

－以攤銷成本入賬已攤銷成本已攤銷成本 1,530,692 1,530,692– Measured at amortised cost Amortised cost Amortised cost

以攤銷成本入賬之後償債項 (37) 已攤銷成本已攤銷成本 11,698,483 11,698,483Subordinated debts measured at amortised cost Amortised cost Amortised cost




(continued)




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(continued)Certain debt securities are held by the Group in separate portfolios to meet everyday liquidity needs. The Group considers that under HKFRS 9 these securities are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets. The relevant remeasurement is a HK$339,292,860 gain.

The following table shows the original measurement categories for each class of the Group’s financial assets under HKAS 39 and reconciles the carrying amounts of these financial assets determined in accordance with HKAS 39 to these determined in accordance with HKFRS 9.

《香港會計準則》第39號下的原賬面值重新分類重新計量

《香港財務報告準則》第9號下的新賬面值


HKAS 39 Reclassification Remeasurement


HKFRS 9附註千港元千港元千港元千港元Notes HK$’000 HK$’000 HK$’000 HK$’000

金融資產 Financial assets現金及在銀行同業及其他金融機構之結餘

Cash and balances with banks and other financial institutions (21) 160,925,901 – (3,197) 160,922,704

在銀行同業及其他金融機構之存款

Placements with banks and other financial institutions (22) 78,670,984 – (16,020) 78,654,964

持作交易用途金融資產 Financial assets held for trading (23) – – – –衍生金融工具 Derivative financial instruments (25) 15,394,138 – – 15,394,138指定為以公平價值經損益表入賬金融資產

Financial assets designated at fair value through profit or loss (24) 731,157 – – 731,157

貸款及其他賬項 Advances and other accounts (26) 459,830,199 – (264,831) 459,565,368投資證券： Investment securities: 172,808,568 – 301,914 173,110,482－備供銷售 – available-for-sale (27) 77,623,934 (77,623,934) – –－以公平價值經其他全面收益入賬

– FVTOCI(27) – 93,372,738 339,293 173,110,482

－持有至到期 – held-to-maturity (27) 95,184,634 (95,184,634) – –－已攤銷成本 – amoristed cost (27) – 79,435,830 (37,379) 79,398,451其他資產 Other assets (32) 6,976,029 – (17,604) 6,958,425

The carrying amounts for all financial liabilities (including financial guarantee contracts) at 1 January 2018 have not been impacted by the initial application of HKFRS 9.

The Group did not designate or de-designate any financial asset or financial liability at FVTPL at 1 January 2018.




本集團以分開的組合持有若干債券以應付日常流動資金需要。本集團認為於《香港財務報告準則》第9號下持有該等證券的業務模式為以收取合約現金流量及出售金融資產為目的。相關的重新計量為339,292,860港元的收益。

下表列示本集團根據《香港會計準則》第39號歸納各類金融資產的原計量分類，並根據《香港會計準則》第39號及《香港財務報告準則》第9號對該等金融資產所釐定的賬面值進行對賬。

於二零一八年一月一日，所有金融負債（包括金融擔保合約）的賬面值未有受初始應用《香港財務報告準則》第9號所影響。

於二零一八年一月一日，本集團並無指定或終止指定任何以公平價值經損益表入賬金融資產或金融負債。

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HKFRS 9, Financial instrument (continued)(ii) Credit losses

HKFRS 9 replaces the “incurred loss” model in HKAS 39 with the expected credit loss (ECL) model. The ECL model requires an ongoing measurement of credit risk associated with a financial asset and therefore recognises ECLs earlier than under the “incurred loss” accounting model in HKAS 39.

The Group applies the new ECL model to the following items:

– financial assets measured at amortised cost (including cash and cash equivalents, placements and other assets);

– debt securities measured at FVTOCI (recycling);

– lease receivables; and

– loan commitments issued, which are not measured at FVTPL.

Financial assets measured at fair value, including units in equity securities measured at FVTPL, equity securities designated at FVTOCI (non-recycling) and derivative financial assets, are not subject to the ECL assessment.

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive).

For undrawn loan commitments, expected cash shortfalls are measured as the difference between (i) the contractual cash flows that would be due to the Group if the holder of the loan commitment draws down on the loan and (ii) the cash flows that the Group expects to receive if the loan is drawn down.



《香港財務報告準則》第9號「金融工具」（續）(ii) 信用損失

《香港財務報告準則》第9號以預期信用損失模型取代《香港會計準則》第39號的「已發生損失」模型。預期信用損失模型要求對金融資產相關的信用風險作出持續計量，因此比《香港會計準則》第39號的「已發生損失」會計模型較早確認預期信用損失。

本集團對以下項目應用新的預期信用損失模型：

－以攤銷成本入賬金融資產（包括現金及等同現金項目、存款及其他資產）；

－以公平價值經其他全面收益入賬債券（可轉回）；

－應收租金；及

－已發出貸款承諾，並非以公平價值經損益表入賬。

以公平價值計量的金融資產（包括以公平價值經損益表入賬之權益證券單位、指定以公平價值經其他全面收益入賬（不可轉回）之權益證券及衍生金融資產）不作預期信用損失評估。

預期信用損失為信用損失之概率加權估計。信用損失以所有預期現金差額的現值（即根據合約應付予本集團的現金流與本集團預期收取的現金流之間的差額）計量。

就未動用貸款承諾而言，預期現金差額以以下兩者之差額計量：(i)倘貸款承諾持有人動用該筆貸款應付予本集團的合約現金流量及(ii)倘該筆貸款獲動用本集團預期收取的現金流量。

96





HKFRS 9, Financial instrument (continued)(ii) Credit losses (continued)

The expected cash shortfal ls are discounted using the following discount rates where the effect of discounting is material:

– f ixed-rate f inancial assets : effective interest rate determined at initial recognition or an approximation thereof;

– variable-rate financial assets: current effective interest rate;

– lease receivables: discount rate used in the measurement of the lease receivable;

– loan commitments: current risk-free rate adjusted for risks specific to the cash flows.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.

ECLs are measured on either of the following bases:

– 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and

– lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

The Group recognises a loss allowance equal to 12-month ECLs unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs.



《香港財務報告準則》第9號「金融工具」（續）(ii) 信用損失（續）

倘貼現的影響重大，預期現金差額將使用以下貼現率貼現：

－固定利率金融資產：初始確認時釐定之實際利率或其近似值；

－浮動利率金融資產：當前實際利率；

－應收租金：計量應收租金所用的貼現率；

－貸款承諾：就有關現金流量的特定風險作出調整的當前無風險利率。

於估計預期信用損失時，考慮的最長期間為本集團面對信用風險最長的合約期間。

於計量預期信用損失時，本集團考慮在無需付出過多成本及力度下獲得的合理可靠資料。此包括過往事件、現時狀況及未來經濟狀況預測有關資料。

預期信用損失採用以下其中一種基準計量：

－ 12個月以內預期信用損失：指報告日後12個月內可能違約事件導致的預期虧損；及

－合約期內之預期信用損失：指應用預期信用損失模型的各項目於預期合約期所有可能違約事件導致的預期虧損。

本集團以等同12個月以內預期信用損失金額確認虧損撥備，除非自初始確認後，該金融工具的信用風險大幅上升，在此情況下，虧損撥備會以合約期內之預期信用損失金額計量。

97







Significant increases in credit riskIn assessing whether the credit risk of a financial instrument (including a loan commitment) has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when (i) the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or (ii) the financial asset is 30 days past due. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

– failure to make payments of principal or interest on their contractually due dates;

– an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available);

– an actual or expected significant deterioration in the operating results of the debtor; and

– existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group.

For loan commitments, the date of initial recognition for the purpose of assessing ECLs is considered to be the date that the Group becomes a party to the irrevocable commitment. In assessing whether there has been a significant increase in credit risk since initial recognition of a loan commitment, the Group considers changes in the risk of default occurring on the loan to which the loan commitment relates.




信用風險大幅上升於評估金融工具（包括貸款承諾）的信用風險自初始確認以來有否大幅上升時，本集團對比於報告日及於初始確認日金融工具發生違約的風險評估。作出此重新評估時，本集團認為違約事件發生即(i)當借款人在本集團不採取變現抵押（如持有）等行動的情況下不大可能向本集團悉數支付其信用債務；或(ii)金融資產逾期30日。本集團考慮合理可靠的定量及定性資料，包括過往經驗及在無需付出過多成本或力度下獲得的前瞻性資料。

具體而言，以下資料在評估信貸風險自初始確認以來有否大幅上升時將予以考慮：

－未能按合約到期日期支付本金或利息；

－金融工具外部或內部信用評級實際上或預期將會顯著惡化（如有）；

－債務人經營業績實際上或預期將會顯著惡化；及

－技術、市場、經濟或法律環境的目前或預測變動對債務人履行其對本集團責任的能力產生重大不利影響。

就貸款承諾而言，用作評估預期信用損失的初始確認日期被認為是本集團不能撤回地成為該承諾的相關方當日。於評估信用風險自初始確認貸款承諾後有否大幅上升時，本集團考慮與貸款承諾相關的貸款的違約風險變動。

98






Significant increases in credit risk (continued)Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past due status and credit risk ratings.

ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognised as an impairment gain or loss in profit or loss. The Group recognises an impairment gain or loss for all f inancial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt securities that are measured at FVTOCI (recycling), for which the loss allowance is recognised in other comprehensive income and accumulated in the fair value reserve (recycling).

Basis of calculation of interest income on credit-impaired financial assetsInterest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on the amortised cost (i.e. the gross carrying amount less loss allowance) of the financial asset.

At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable events:

– significant financial difficulties of the debtor;

– a breach of contract, such as a default or delinquency in interest or principal payments;

– it becoming probable that the borrower will enter into bankruptcy or other financial reorganisation;

– significant changes in the technological , market, economic or legal environment that have an adverse effect on the debtor; or




信用風險大幅上升（續）本集團視乎金融工具的性質，按個別或集體基準評估信用風險有否顯著增加。在按集體基準進行評估時，金融工具按共同的信用風險特徵（如逾期狀況及信用風險評級）進行分類。

預期信用損失於各報告日期進行重新計量以反映金融工具自初始確認以來的信用風險變動。預期信用損失金額的任何變動均於損益中確認為減值收益或虧損。本集團就所有金融工具確認減值收益或虧損，並通過虧損撥備賬對該等賬面值作出相應調整，惟於以公平價值經其他全面收益入賬（可轉回）債券之投資除外，據此虧損撥備於其他全面收益確認，並累計於公平價值儲備（可轉回）中。

計算信貸不良金融資產之利息收入之基準利息收入按金融資產的賬面總值計量，除非該金融資產出現信貸不良，在此情況下，利息收入按金融資產的已攤銷成本（即賬面總值減虧損撥備）計量。

於各報告日期，本集團評估金融資產是否出現信貸不良。當發生一項或多項對金融資產估計未來現金流量有不利影響的事件時，金融資產出現信貸不良。

金融資產信貸不良的證據包括以下可觀察事件：

－債務人出現重大的財務困難；

－違反合約，如拖欠利息或本金付款；

－借款人很可能面臨破產或其他財務重組；

－技術、市場、經濟或法律環境出現對債務人構成負面影響的重大變動；或

99







Basis of calculation of interest income on credit-impaired financial assets (continued)– the disappearance of an active market for a security

because of financial difficulties of the issuer.

Write-off policyThe gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

Subsequent recoveries of an asset that was previously written off are recognised as a reversal of impairment in profit or loss in the period in which the recovery occurs.

Opening balance adjustmentAs a result of this change in accounting policy, the Group has recognised additional ECLs amounting to $500,336,000, which decreased retained earnings by $395,486,000 and increased gross deferred tax assets by $104,850,000 at 1 January 2018.

The following table reconciles the closing loss allowance determined in accordance with HKAS 39 as at 31 December 2017 with the opening loss a l lowance determined in accordance with HKFRS 9 as at 1 January 2018.

千港元HK$’000

於二零一七年十二月三十一日《香港會計準則》第39號下之虧損撥備

Loss allowances at 31 December 2017 under HKAS 394,419,361

於二零一八年一月一日確認之額外預期信用損失：

Additional expected credit loss recognised at 1 January 2018 on:

－現金及在銀行同業與其他金融機構之存款 – Cash and placement with banks and other financial institution 19,217－貸款及其他賬項 – Loans and advances 264,831－投資證券 – Investment securities 108,861－其他資產 – Other assets 17,604－貸款及其他信用相關擔保 – Loans and other credit-related guarantee 89,823

於二零一八年一月一日《香港財務報告準則》第9號下之虧損撥備

Loss allowances at 1 January 2018 under HKFRS 94,919,697




計算信貸不良金融資產之利息收入之基準（續）－由於發行人出現財務困難，活躍的

證券市場不復存在。

撇銷政策倘日後實際上不可收回款項，金融資產的總賬面值（部分或全部）將被撇銷。該情況通常指本集團確定債務人概無資產或收入源以產生足夠現金流償還應撇銷金額。

先前已撇銷資產隨後收回將於發生期間在損益內確認為減值撥回。

期初結餘調整由於此會計政策變更，於二零一八年一月一日，本集團已確認額外預期信用損失達500,336,000港元，其令保留溢利減少395,486,000港元及令總遞延稅項資產增加104,850,000港元。

下表對於二零一七年十二月三十一日根據《香港會計準則》第39號所釐定的期末虧損撥備與於二零一八年一月一日根據《香港財務報告準則》第9號所釐定的期初虧損撥備進行對賬。

100





HKFRS 9, Financial instrument (continued)(iii) Hedge accounting

The Group has elected to adopt the new general hedge accounting model in HKFRS 9. Depending on the complexity of the hedge, this new accounting model allows a more qual i tat ive approach to assessing hedge effect iveness compared to HKAS 39 to be applied, and the assessment is always forward-looking. The adoption of HKFRS 9 has not had a significant impact on the Group’s financial statements in this regard.

(iv) TransitionChanges in accounting policies resulting from the adoption of HKFRS 9 have been applied retrospectively, except as described below:

Information relating to comparative periods has not been restated. Differences in the carrying amounts of financial assets resulting from the adoption of HKFRS 9 are recognised in retained earnings and reserves as at 1 January 2018. Accordingly, the information presented for 2017 continues to be reported under HKAS 39 and thus may not be comparable with the current period.

The following assessments have been made on the basis of the facts and circumstances that existed at 1 January 2018 (the date of initial application of HKFRS 9 by the Group):

– the determination of the business model within which a financial asset is held; and

– the designation of certain investments in equity instruments not held for trading to be classified as at FVTOCI (non-recycling).

If, at the date of initial application, the assessment of whether there has been a significant increase in credit risk since initial recognition would have involved undue cost or effort, a lifetime ECL has been recognised for that financial instrument.

All hedging relationships designated under HKAS 39 at 31 December 2017 met the criteria for hedge accounting under HKFRS 9 at 1 January 2018 and are therefore regarded as continuing hedging relationships. Changes to hedge accounting policies have been applied prospectively.



《香港財務報告準則》第9號「金融工具」（續）(iii) 對沖會計

本集團已選擇採納《香港財務報告準則》第9號之新一般對沖會計模型。視乎對沖之複雜程度，此項新會計模型相比《香港會計準則》第39號更傾向以定性方式評估對沖之有效性，且有關評估更具前瞻性。就此而言，採納《香港財務報告準則》第9號對本集團之財務報表並無重大影響。

(iv) 過渡採納《香港財務報告準則》第9號導致的會計政策變動已被追溯應用，惟下列所述者除外：

有關比較期間的資料尚未重列。採納《香港財務報告準則》第9號導致的金融資產賬面值差額於二零一八年一月一日於保留溢利及儲備中確認。因此，二零一七年呈列的資料繼續根據《香港會計準則》第39號呈報，故或未能與本期間作比較。

以下乃根據於二零一八年一月一日（本集團初始應用《香港財務報告準則》第9號的日期）存在的事實及情況而作出之評估：

－釐定持有金融資產之業務模型；及

－非持作交易用途的若干權益工具投資指定分類為以公平價值經其他全面收益入賬（不可轉回）。

倘於初始應用日期，就評估信用風險自初始確認以來有否大幅上升涉及不必要的成本或力度，則確認該金融工具的合約期內之預期信用損失。

所有於二零一七年十二月三十一日按《香港會計準則》第39號指定的對沖關係均符合於二零一八年一月一日《香港財務報告準則》第9號對對沖會計的要求，因此被視為持續對沖關係。有關對沖會計政策變動已被追溯應用。

101






HKFRS 15, Revenue from contracts with customers

HKFRS 15 establishes a comprehensive framework for recognising revenue and some costs from contracts with customers. HKFRS 15 replaces HKAS 18, Revenue, which covered revenue arising from sale of goods and rendering of services, and HKAS 11, Construction contracts, which specified the accounting for construction contracts.

HKFRS 15 also introduces additional qualitative and quantitative disclosure requirements which aim to enable users of the financial s tatements to understand the nature , amount , t iming and uncertainty of revenue and cash flows arising from contracts with customers.

Further details of the nature and effect of the changes on previous accounting policies are set out below:

(i) Timing of revenue recognition

Previously, revenue arising from construction contracts and provision of services was recognised over time, whereas revenue from sale of goods was generally recognised at a point in time when the risks and rewards of ownership of the goods had passed to the customers.

Under HKFRS 15, revenue is recognised when the customer obtains control of the promised good or service in the contract. This may be at a single point in time or over time. HKFRS 15 identifies the following three situations in which control of the promised good or service is regarded as being transferred over time:

– When the customer simultaneously receives and consumes the benef i t s provided by the ent i ty ’ s performance, as the entity performs;

– When the entity’s performance creates or enhances an asset (for example work in progress) that the customer controls as the asset is created or enhanced;

– When the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date.



《香港財務報告準則》第15號「來自客戶合約的收入」《香港財務報告準則》第15號建立一個確認來自客戶訂約收入及若干成本之全面架構。《香港財務報告準則》第15號取代《香港會計準則》第18號「收入」（涵蓋銷售商品及提供服務所產生之收入）及《香港會計準則》第11號「建造合約」（訂明建造合約之會計處理方法）。

《香港財務報告準則》第15號還引入了額外的定性及定量披露規定，旨在讓財務報表使用者能夠了解客戶合約所產生的收入及現金流量的性質、金額、時間及不確定性。

有關過往會計政策變動的性質及影響的進一步詳情載列如下：

(i) 收入確認的時間

以往，建造合約及提供服務所產生的收入是在一段時間內確認，而銷售貨物所得收入通常於貨物的所有權風險及回報轉移予客戶時確認。

根據《香港財務報告準則》第15號，收入於客戶取得合約所承諾貨物或服務的控制權時確認。這可能是在某一時點或在一段時間內確認。《香港財務報告準則》第15號確定了以下對承諾貨物或服務的控制權被視為在一段時間內轉移的三種情況：

－當客戶於實體履約時同時接受及使用實體履約所提供的利益時；

－當實體履約創造或增強一項於資產被創造或增強時由客戶控制的資產（如在建工程）時；

－當實體的履約並無創造對實體而言具替代用途的資產，且該實體對迄今完成的履約付款具有可執行權利時。

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HKFRS 15, Revenue from contracts with customers (continued)

(i) Timing of revenue recognition (continued)

If the contract terms and the entity’s activities do not fall into any of these 3 situations, then under HKFRS 15 the entity recognises revenue for the sale of that good or service at a single point in time, being when control has passed. Transfer of risks and rewards of ownership is only one of the indicators that is considered in determining when the transfer of control occurs.

(ii) Significant financing component

HKFRS 15 requires an entity to adjust the transaction price for the time value of money when a contract contains a significant financing component, regardless of whether the payments from customers are received significantly in advance of revenue recognition or significantly deferred.

(iii) Presentation of contract assets and liabilities

Under HKFRS 15, a receivable is recognised only if the group has an unconditional right to consideration. If the group recognises the related revenue before being unconditionally entitled to the consideration for the promised goods and services in the contract, then the entitlement to consideration is classified as a contract asset. Similarly, a contract liability, rather than a payable, is recognised when a customer pays non-refundable consideration, or is contractually required to pay non-refundable consideration and the amount is already due, before the group recognises the related revenue. For a single contract with the customer, either a net contract asset or a net contract liability is presented. For multiple contracts, contract assets and contract liabilities of unrelated contracts are not presented on a net basis.

This change in accounting policy had no material impact on opening balances as at 1 January 2018. The adoption of HKFRS 15 does not have a significant impact on when the Group recognises revenue from contracts.

HK(IFRIC) 22, Foreign currency transactions and advance considerationThis interpretation provides guidance on determining “the date of the transaction” for the purpose of determining the exchange rate to be used on initial recognition of the related asset, expense or income (or part of it) arising from a transaction in which an entity receives or pays advance consideration in a foreign currency.



《香港財務報告準則》第15號「來自客戶合約的收入」（續）(i) 收入確認的時間（續）

倘合約條款及實體活動並不屬於任何該等三種情況，則根據《香港財務報告準則》第15號，實體於某一指定時間點（即控制權轉移時）就銷售貨物或服務確認收入。所有權風險及回報的轉移僅為於釐定控制權轉移發生時將考慮的其中一項指標。

(ii) 重大融資成分

《香港財務報告準則》第15號要求實體於合約包含重大融資部分時就貨幣時間價值調整交易價格，而不管來自客戶的付款將於收入確認前顯著提前收取或顯著延後收取。

(iii) 合約資產與負債的列報

根據《香港財務報告準則》第15號，應收款項僅於本集團擁有無條件收取代價的權利時確認。倘本集團於有權無條件收取合約中已承諾的貨物及服務代價前確認相關收入，則收取代價的權利被分類為合約資產。同樣地，在本集團確認相關收入前，客戶已支付不可退還的代價或者根據合約須支付不可退還的代價且該代價已到期支付，則應確認合約負債而非應付款項。就與客戶的單一合約而言，應以合約資產淨額或合約負債淨額呈列。就多份合約而言，非相關合約的合約資產及合約負債並非按淨額基準呈列。

此會計政策變動對於二零一八年一月一日之期初結餘並無重大影響。採納《香港財務報告準則》第15號對本集團確認來自合約的收入並無重大影響。

香港《國際財務報告準則詮釋委員會》詮釋第22號「外幣交易和預付對價」本詮釋就釐定「交易日期」提供指引，旨在釐定實體於交易收取或支付外幣預付代價時，初始確認有關資產、開支或收入（或其中部分）所使用之匯率。

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HK(IFRIC) 22, Foreign currency transactions and advance consideration (continued)The Interpretation clarifies that “the date of the transaction” is the date on initial recognition of the non-monetary asset or liability arising from the payment or receipt of advance consideration. If there are multiple payments or receipts in advance of recognising the related item, the date of the transaction for each payment or receipt should be determined in this way.

The adoption of HK(IFRIC) 22 does not have any material impact on the financial position and the financial result of the Group.

2.3 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 December 2018

A number of amendments and new standards are effective for annual periods beginning after 1 January 2018 and earlier application is permitted. The Group has not early adopted any new or amended standards in preparing this financial report. These include the following which maybe relevant to the Group.

Effective for accounting periods beginning on or after

由以下日期或之後開始之會計期起生效

HKFRS 16, Leases 1st January, 2019《香港財務報告準則》第16號「租賃」二零一九年一月一日

HK(IFRIC) 23, Uncertainty over income tax treatments 1st January, 2019香港《國際財務報告準則詮釋委員會詮釋》第23號「所得稅不確定性的處理」二零一九年一月一日

Annual Improvements to HKFRSs 2015–2017 Cycle 1st January, 2019每年對《香港財務報告準則》之提升2015至2017循環二零一九年一月一日

Amendments to HKAS 28, Long-term interest in associates and joint ventures 1st January, 2019《香港會計準則》第28號之修訂「於聯營公司及合營企業的長期權益」二零一九年一月一日

Amendments to References to Conceptual Framework in HKFRS Standards 1st January, 2020修訂《香港財務報告準則》概念綱領指引二零二零年一月一日

The Group is in the process of making an assessment of what the impact of these amendments, new standards and interpretations is expected to be in the period of initial application. So far the adoption of them is unlikely to have a significant impact on the consolidated financial statements.



香港《國際財務報告準則詮釋委員會》詮釋第22號「外幣交易和預付對價」（續）該詮釋澄清「交易日期」為初始確認因支付或收取預付代價而產生的非貨幣性資產或負債之日。倘確認有關項目之前存在多筆預付或預收款，應按該方式釐定每筆付款或收款的交易日期。

採納香港《國際財務報告準則詮釋委員會》詮釋第22號對本集團財務狀況及財務業績並無任何重大影響。

2.3 已頒布但尚未在截至二零一八年十二月三十一日止年度生效的修訂、新準則和詮釋可能構成影響

若干修訂及新準則於二零一八年一月一日之後開始之年度期間生效並可提早應用。本集團於編製本財務報告時並無提早採納任何新訂或經修訂準則。可能與本集團有關之修訂及新準則如下。

本集團正在評估該等修訂、新準則和詮釋對首個應用期可能產生的影響。至今所得結論是若採納該等修訂、新準則和詮釋對本集團的綜合財務報表不大可能構成重大影響。

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2.3 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 December 2018 (continued)

HKFRS 16, LeasesAs discussed in the 2017 annual financial statements, currently the Group classifies leases into finance leases and operating leases and accounts for the lease arrangements differently, depending on the classification of the lease. Upon the adoption of HKFRS 16, where the Group is the lessee under the lease the Group will be required to account for all leases in a similar way to current finance lease accounting, i.e. recognise and measure a lease liability at the present value of the minimum future lease payments and recognise a corresponding “right-of-use” asset at the commencement date of the lease, subject to practical expedients. HKFRS 16 will primarily affect the Group’s accounting as a lessee of leases for items of property, plant and equipment which are currently classified as operating leases. The application of the new accounting model is expected to lead to an increase in both assets and liabilities and to impact on the timing of the expense recognition in the statement of profit or loss and other comprehensive income over the period of the lease.

HKFRS 16 is effective for annual periods beginning on or after 1 January 2019. The company plans to elect to use the modified retrospect ive approach for the adoption of HKFRS 16 and will recognise the cumulative effect of initial application as an adjustment to the opening balance of equity at 1 January 2019 and will not restate the comparative information. As disclosed in Note 44.3, at 31 December 2018 the Group’s future minimum lease payments under non-cancellable operating leases amount to HK$1,040,071,000 for land and buildings, the majority of which is payable between 1 and 5 years after the reporting date. Upon the initial adoption of HKFRS 16, the opening balances of lease liabilities and the corresponding right-of-use assets will be adjusted to HK$1,291,088,188 and HK$1,316,198,761 respectively, after taking account the effects of discounting, as at 1 January 2019.


2.3 已頒布但尚未在截至二零一八年十二月三十一日止年度生效的修訂、新準則和詮釋可能構成影響（續）

《香港財務報告準則》第16號「租賃」誠如二零一七年度財務報表所討論，目前本集團將租賃分類為融資租賃及經營租賃，並根據租賃分類就租賃安排作出不同的會計處理。採納《香港財務報告準則》第16號後，倘本集團在租賃下作為承租人，本集團將需要按照與當前融資租賃會計方法類似的方式對所有租賃進行會計處理，即在租賃開始日，承租人將以未來最低租賃付款的現值確認和計量租賃負債，並將確認相應的「使用權」資產，並受可行權宜方法之規限。《香港財務報告準則》第16號將主要影響本集團作為承租人就物業及設備項目租賃（現時分類為經營租賃）之會計處理方法。預計採納新會計模式會令資產及負債增加，以及影響按租賃期限在損益及其他全面收益表中確認開支的時間。

《香港財務報告準則》第16號於二零一九年一月一日或之後開始的年度期間生效。本公司計劃選擇使用經修訂追溯法採納《香港財務報告準則》第16號，並將確認初始應用的累計影響為於二零一九年一月一日權益期初結餘的一項調整，且不會重列比較資料。誠如附註44.3所披露，於二零一八年十二月三十一日，本集團根據不能撤回經營租賃的未來最低租賃付款為土地及樓宇租賃的1,040,071,000港元，當中大部分應於報告日期後一至五年內支付。初始採納《香港財務報告準則》第16號後，租賃負債及相應使用權資產於二零一九年一月一日的期初結餘將分別調整至1,291,088,188港元及1,316,198,761港元（經考慮折讓影響）。

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2.4 Basis of consolidation

The consolidated financial statements include the financial statements of the Bank and its subsidiaries and attributable share of results and reserves of its associate (collectively referred to as the “Group”) for the year ended 31 December 2018.

(a) SubsidiariesSubsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the group has power, only substantive rights (held by the Group and other parties) are considered.

All intra-group transactions and balances are eliminated on consolidation.

Business combinations are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition related costs are expensed as incurred.

When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.

If the business combination is achieved in stages, previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognised in profit or loss.

Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of HKAS 39 is measured at fair value with changes in fair value either recognised in profit or loss or as change to other comprehensive income. If the contingent consideration is not within the scope of HKAS39, it is measured in accordance with the appropriate HKFRS. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity.


2.4 綜合基準

綜合財務報表包括本銀行及其附屬公司截至二零一八年十二月三十一日止年度之財務報表以及應佔其聯營公司（統稱「本集團」）之業績及儲備。

(a) 附屬公司附屬公司為本集團所控制之實體。當透過參與從而令本集團面對或獲取不同之回報，及有能力透過控制該實體而影響所獲取之回報，本集團被視作可控制該實體。在評估本集團是否有控制權時，只考慮實質的權力（由本集團及其他人士所擁有）。

集團成員公司間所有交易及結餘已在綜合財務報表內對銷。

業務合併乃以收購法入賬。轉讓之代價乃以收購日期的公平價值計算，該公平價值為本集團轉讓的資產於收購日期的公平價值、本集團自被收購方的前擁有人承擔的負債，以及本集團發行以換取被收購方控制權的股權的總和。於各業務合併中，收購方以公平價值或被收購方可識別資產淨值的應佔比例，計算於被收購方的非控股權益。收購相關成本於產生時扣除。

當本集團收購一項業務時，會根據合約條款、於收購日期的經濟環境及相關條件，評估將承接的金融資產及負債，以作出適合的分類及指定，其中包括將被收購方主合約中的嵌入式衍生工具分開。

倘業務合併是分階段進行，先前持有的股權按收購日期的公平價值重新計量，任何由此產生的收益或虧損於損益確認。

由收購方將予轉讓的任何或然代價將於收購日期按公平價值確認。分類為金融工具且在《香港會計準則》第39號範疇內一項資產或負債的或然代價按公平價值計量，相關公平價值的變動則於損益確認或作為其他全面收益的變動。倘或然代價並非在《香港會計準則》第39號的範疇內，則按合適的《香港財務報告準則》計量。分類為權益的或然代價不會重新計量，而其後結算於權益中入賬。

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2.4 Basis of consolidation (continued)

(a) Subsidiaries (continued)If the Group loses control over a subsidiary, it derecognises (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognises (i) the fair value of the consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit in profit or loss. The Group’s share of components previously recognised in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

The results of subsidiaries are included in the Bank’s income statement to the extent of dividends received and receivable. The Bank’s investments in subsidiaries are stated at cost less any impairment losses.

(b) AssociateAn associate is an entity, not being a subsidiary or a jointly-controlled entity, in which the Group has a long term interest of generally not less than 20% of the equity voting rights and over which it is in a position to exercise significant influence.

T h e G r o u p ’ s i n t e r e s t s i n a s s o c i a t e a r e s t a t e d i n t h e consolidated statement of financial position at the Group’s share of net assets under the equity method of accounting, less any impairment losses. The Group’s share of the post-acquisition results and reserves of associate is included in the consolidated income statement and consolidated reserves, respectively. Unrealised gains and losses resulting from transactions between the Group and its associate are eliminated to the extent of the Group’s interest in the associate, except where unrealised losses provide evidence of an impairment of the asset transferred. Goodwill arising from the acquisition of associate is included as part of the Group’s interests in associate and is not individually tested for impairment.

The results of associate are included in the Bank’s income statement to the extent of dividends received and receivable. The Bank’s investments in associate are treated as non-current assets and are stated at cost less any impairment losses.

For regulatory reporting, the basis of consolidation for calculation of consolidated capital adequacy ratio of the Group is set out in Note 1 of the “Supplementary Financial Information” section.


2.4 綜合基準（續）

(a) 附屬公司（續）倘本集團失去附屬公司的控制權，則會取消確認(i)該附屬公司的資產（包括商譽）及負債；(ii)任何非控股權益的賬面值；及(iii)計入權益的累計匯兌差額；並且確認(i)已收代價的公平價值；(ii)任何獲保留投資的公平價值；及(iii)計入損益的任何盈餘或虧絀。先前於其他全面收益已確認的本集團應佔成份，乃視乎情況重新分類至損益或保留溢利。

對附屬公司所有權權益的變動於未失去其控制權時以股權交易入賬。

附屬公司之業績以已收及應收股息計入本銀行之收益表。本銀行於附屬公司之投資按成本減任何減值損失列賬。

(b) 聯營公司聯營公司為附屬公司或共同控制實體以外，且本集團一般持有其股本投票權不少於20%權益作長期投資而對其管理有重大影響力之實體。

本集團於聯營公司之權益按本集團根據權益會計法分佔之資產淨值減任何減值損失，計入綜合財務狀況表。本集團分佔聯營公司之收購後業績及儲備分別計入綜合收益表及綜合儲備內。因本集團與其聯營公司進行之交易而產生之未變現收益及虧損以本集團於聯營公司之權益為限予以對銷，惟如未變現虧損有證據證明所轉讓資產出現減值則除外。因收購聯營公司產生之商譽計入為本集團於聯營公司之權益之一部分，且不會單獨進行減值測試。

聯營公司之業績以已收及應收股息計入本銀行之收益表。本銀行於聯營公司之投資被視為非流動資產及按成本減任何減值損失列賬。

為符合監管匯報的要求，計算本集團綜合資本充足比率之綜合基準載於「附加財務資料」之附註1內。

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2.5 Interest income and expense

Interest income and expense are recognised in the income statement for all interest-bearing financial instruments using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts over the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts.

Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, an interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.

2.6 Non-interest income

Fee and commission income and expenseFees and commissions are generally recognised on an accrual basis when the service has been provided. Commitment fees for loans that are likely to be drawn down are deferred (together with related direct costs) and recognised as an adjustment to the effective interest rate on the loan. Loan syndication fees are recognised as revenue when the syndication has been completed and the Group retained no part of the loan package for itself or retained a part at the same effective interest rate as the other participants.

Portfolio and other management advisory and service fees are recognised based on the applicable service contracts, usually on a time- apportionate basis.


2.5 利息收入及支出

所有附息金融工具之利息收入及支出乃採用實際利率法於收益表確認。

實際利率法是一種計算金融資產或金融負債已攤銷成本，以及於相關期間分配利息收入及利息支出之方法。實際利率是可準確將金融工具在預計年期內產生之未來現金付款或收入折算為現值，或（如適用）在較短期內折算為該金融資產或金融負債賬面淨值之利率。當計算實際利率時，本集團估計現金流時須考慮金融工具（例如預付選擇權）之所有合約條款，但不包括未來信用損失。實際利率組成部分之計算包括所有合約對手之間所支付或收取之收費及利率差價、交易成本及其他所有溢價或折扣。

若金融資產或一組相類之金融資產之價值因減值損失而被撇減，計算利息收入時則以計算減值損失時用以折現未來現金流量之利率確認。

2.6 非利息收入

費用及佣金收入及支出費用及佣金一般當提供有關服務時按應計基準確認。有關很可能被提取之貸款之貸款承擔費用予以遞延（連同相關直接成本），並確認為對該貸款實際利率之調整。銀團貸款費是在銀團貸款完成後，而本集團沒有為本身保留任何該貸款組合，或所保留之部分貸款與其他參與方之實際利率相同時，確認為收入。

組合及其他管理諮詢及服務費一般按時間比例基準，根據適用服務合約確認。

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2.6 Non-interest income (continued)

Net trading incomeNet trading income comprises all gains and losses from changes in the fair value of financial assets and financial liabilities classified as held for trading. Gains or losses arising from changes in fair value of derivatives to the extent as described in the accounting policy set out in Note 2.10 are reported as “Net trading income”.

Gains and losses on foreign exchange trading and other transactions are also reported as “Net trading income” except for those gains and losses on translation of foreign currencies recognised in the foreign exchange reserve in accordance with the accounting policy set out in Note 2.15.

Dividend incomeDividends are recognised in the income statement when the Group’s right to receive payment is established.

2.7 Financial assets, impairment of financial assets, financial liabilities, derivative financial instruments and hedge accounting

(I) Policy applicable from 1 January 20182.7.1 Financial assets and financial liabilities

i. Recognition and initial measurementThe Group initially recognises loans and advances, deposits, debt securities issued and subordinated liabilities on the date on which they are originated. All other financial instruments (including regular-way purchases and sales of financial assets) are recognised on the trade date, which is the date on which the Group becomes a party to the contractual provisions of the instrument.

A financial asset or financial liability is measured initially at fair value plus, for an item not at FVTPL, t ransact ion costs that are d irect ly attributable to its acquisition or issue.


2.6 非利息收入（續）

淨交易收入淨交易收入包括所有分類為持作交易的金融資產及金融負債公平價值變動之損益。衍生工具公平價值變動產生之損益，以附註2.10所載之會計政策所述者為限呈報為「淨交易收入」。

外匯買賣及其他交易之損益亦呈報為「淨交易收入」，惟根據載於附註2.15之會計政策於匯兌儲備確認之外幣換算之損益除外。

股息收入股息乃於本集團收取付款之權利確定時於收益表確認。

2.7 金融資產、金融資產減值、金融負債、衍生金融工具及對沖會計

(I) 自二零一八年一月一日適用政策2.7.1 金融資產及金融負債

i. 確認及初始計量本集團於貸款及其他賬項、存款、發行債券及後償負債產生之日初始確認。所有其他金融工具（包括以恆常性買賣金融資產）於交易日期確認，本集團於該日成為該工具合約條款的一方。

金融資產或金融負債初始以公平價值（若非以公平價值經損益表入賬項目，加其收購或發行直接應佔交易成本）計量。

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2.7 Financial assets, impairment of financial assets, financial liabilities, derivative financial instruments and hedge accounting (continued)

(I) Policy applicable from 1 January 2018 (continued)2.7.1 Financial assets and financial liabilities (continued)

ii. ClassificationOn initial recognition, a financial asset is classified as measured at : amortised cost , FVTOCI or FVTPL.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:

• the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and

• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument is measured at FVTOCI only if it meets both of the following conditions and is not designated as at FVTPL:

• the asset is held within a business model w h o s e o b j e c t i v e i s a c h i e v e d b y b o t h collecting contractual cash flows and selling financial assets; and

• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in Other Comprehensive Income (OCI). This election is made on an investment-by-investment basis.

All other financial assets are classified as measured at FVTPL.


2.7 金融資產、金融資產減值、金融負債、衍生金融工具及對沖會計（續）

(I) 自二零一八年一月一日適用政策（續）2.7.1 金融資產及金融負債（續）

ii. 分類初始確認時，金融資產分類為：以攤銷成本入賬、以公平價值經其他全面收益入賬或以公平價值經損益表入賬。

倘金融資產符合以下兩項條件，以攤銷成本入賬及不指定以公平價值經損益表入賬：

• 持有資產的業務模型，目的為持有資產以收取合約現金流量；及

• 金融資產的合約條款於特定日期產生的現金流量純粹為未償還本金支付本金及利息。

僅當債務工具符合以下兩項條件，其以公平價值經其他全面收益入賬而並不指定以公平價值經損益表入賬：

• 持有資產的業務模型，目的透過收取合約現金流量及出售金融資產達至；及

• 金融資產的合約條款於特定日期產生的現金流量純粹為未償還本金支付本金及利息。

於初始確認並非持作交易用途的權益投資時，本集團可以不能撤回地選擇於其他全面收益呈列其後公平價值變動。此選擇為按個別投資的基準作出。

所有其他金融資產分類為以公平價值經損益表入賬。

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ii. Classification (continued)In addition, on initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVTOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Business model assessmentThe Group makes an assessment of the objective of a business model in which an asset is held at a portfolio levela because this best reflects the way the business is managed and information is provided to management. The information considered includes:

• the stated policies and objectives for the portfolio and the operation of those policies in practice.

In part icu lar , whether management ’ s strategy focuses on earning contractual interest revenue, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of the liabilities that are funding those assets or realising cash flows through the sale of the assets;

• how the performance of the portfolio is evaluated and reported to the Group’s management;

• the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;




ii. 分類（續）此外，初始確認時，本集團可以不能撤回地指定符合以攤銷成本入賬或以公平價值經其他全面收益入賬要求之金融資產以公平價值經損益表入賬，倘如此能消除或顯著減少會計錯配。

業務模型評估本集團在組合層面持有的資產評估業務模型之目標，因為這最能反映業務管理的方法及向管理層提供資訊的方式。考慮的資訊包括：

• 組合的既定政策和目標以及該等政策的實際操作。

尤其是，管理層策略是否聚焦於賺取合約利息收入、維持特定的利率概況、將金融資產的期限與為該等資產提供資金或透過出售該等資產變現現金流量之負債的期限相配；

• 組合的表現如何評估及呈報予本集團的管理層；

• 影響業務模型（及該業務模型下持有的金融資產）表現的風險以及如何管理該等風險；

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ii. Classification (continued)Business model assessment (continued)• h o w m a n a g e r s o f t h e b u s i n e s s a r e

compensated – e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and

• the frequency, volume and timing of sales in prior periods, the reasons for such sales and its expectations about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of how the Group’s stated objective for managing the financial assets is achieved and how cash flows are realised.

Financial assets that are held for trading or managed and whose performance is evaluated on a fair value basis are measured at FVTPL because they are neither held to collect contractual cash flows nor held both to collect contractual cash flows and to sell financial assets.

Assessment whether contractual cash flows are solely payments of principal and interestFor the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making the assessment, the Group considers:




ii. 分類（續）業務模型評估（續）• 業務管理人員如何得到

補償－例如補償是否根據所管理資產的公平價值或所收取的合約現金流量決定；及

• 過往期間的出售頻率、銷量及出售時點，出售原因以及未來銷售活動的預期。然而，有關銷售活動的資料不會單獨考慮，而是作為整體評估本集團管理金融資產方面達成既定目標及變現現金流量表現的一部分。

持作交易用途或管理及表現按公平價值基準評估的金融資產乃以公平價值經損益表入賬，因為持有彼等不為收取合約現金流量，亦不為同時收取合約現金流量及出售金融資產。

評估合約現金流量是否僅為支付本金及利息就評估的目的而言，「本金」的定義是金融資產在初始確認時的公平價值。「利息」的定義是貨幣的時間價值以及與特定時段內未償還本金額有關的信用風險以及其他基本貸款風險及成本（如流動性風險及行政成本）以及利潤率的代價。在評估合約現金流量是否僅為支付本金和利息時，本集團考慮工具的合約條款。這包括評估金融資產是否包含可能改變合約現金流量時點或金額的合約條款，致使其不符合該項條件。在評估時，本集團考慮：

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ii. Classification (continued)Assessment whether contractual cash f lows are solely payments of principal and interest (continued)• contingent events that would change the

amount and timing of cash flows;

• leverage features;

• prepayment and extension terms;

• terms that limit the Group’s claim to cash f lows from speci f ied assets (e .g . non-recourse asset arrangements); and

• features that modify consideration of the time value of money – e.g. periodical reset of interest rates.

ReclassificationsFinancial assets are not reclassified subsequent to their initial recognition, except in the period after the Group changes its business model for managing financial assets.




ii. 分類（續）評估合約現金流量是否僅為支付本金及利息（續）

• 將會改變現金流量金額及時點的或有事件；

• 槓桿特徵；

• 提前還款及延期條款；

• 限制本集團申索指定資產（如無追索權資產安排）現金流量的條款；及

• 修改對貨幣時間價值考慮的特徵－如定期重設利率。

重新分類金融資產於初始確認後不作重新分類，除於本集團更改其管理金融資產的業務模型後的期間。

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ii. Classification (continued)Financial liabilitiesThe Group classifies its financial liabilities, other than financial guarantees and loan commitments, as measured at amortised cost or FVTPL.

iii. DerecognitionFinancial assetsThe Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire (see also (iv)), or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

On derecogni t ion o f a f inanc ia l a s se t , the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised) and the sum of (i) the consideration received (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss that had been recognised in OCI is recognised in profit or loss.




ii. 分類（續）金融負債本集團把其金融負債（除金融擔保及貸款承諾外）分類為以攤銷成本入賬或以公平價值經損益表入賬。

iii. 終止確認金融資產當來自金融資產的現金流量的合約權利屆滿（另見(iv)），或本集團轉移其於交易中收取合約現金流量的權利，當中已轉移金融資產擁有權的絕大部分風險及回報，或本集團既不轉移亦不保留擁有權的絕大部分風險及回報且並不保留該金融資產的控制權時，則本集團終止確認該金融資產。

一旦終止確認金融資產，資產的賬面值（或分配至終止確認部分資產的賬面值）與(i)收到的代價（包括已取得的任何新資產減承擔的任何新負債）與(ii)已在其他全面收益中確認的累積損益之和的差額於損益內確認。

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iii. Derecognition (continued)Financial assets (continued)From 1 January 2018 any cumulat ive gain/loss recognised in OCI in respect of equity investment securities designated as at FVTOCI is not recognised in profit or loss on derecognition of such securities. Any interest in transferred financial assets that qualify for derecognition that is created or retained by the Group is recognised as a separate asset or liability.

The Group enters into transactions whereby it transfers assets recognised on its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets or a portion of them. In such cases, the transferred assets are not derecognised. Examples of such transactions are securities lending and sale-and-repurchase transactions.

When assets are sold to a third party with a concurrent total rate of return swap on the transferred assets, the transaction is accounted for as a secured financing transaction similar to sale-andrepurchase transactions, because the Group retains all or substantially all of the risks and rewards of ownership of such assets.

In transactions in which the Group neither retains nor transfers substantially all of the risks and rewards of ownership of a financial asset and it retains control over the asset, the Group continues to recognise the asset to the extent of its continuing involvement, determined by the extent to which it is exposed to changes in the value of the transferred asset.

In certain transactions, the Group retains the obligation to service the transferred financial asset for a fee. The transferred asset is derecognised if it meets the derecognition criteria. An asset or liability is recognised for the servicing contract if the servicing fee is more than adequate (asset) or is less than adequate (liability) for performing the servicing.




iii. 終止確認（續）金融資產（續）自二零一八年一月一日任何就權益投資證券在其他全面收益中確認的累積損益（指定以公平價值經其他全面收益入賬）於該等證券終止確認時不在損益中確認。已轉移金融資產的任何權益若符合終止確認資格且為本集團所創造或保留均確認為單獨的資產或負債。

本集團訂立交易事項，據此轉移於財務狀況表中確認的資產，惟保留已轉移資產的所有或絕大部分風險及回報或部分風險及回報。在此等情況下，不終止確認已轉移資產。該等交易事項包括借出證券及回購交易。

當資產售予第三方而同時對已轉讓資產擁有總額回報掉期，則該交易與回購交易相似以有抵押融資交易入賬，因為本集團保留該等資產擁有權的所有或絕大部分風險及回報。

就金融資產擁有權的絕大部分風險及回報並無保留或轉讓的交易及本集團保留該資產的控制權而言，本集團繼續確認該資產，以其持續參與程度為限，而參與程度將根據承受已轉讓資產價值變動的程度釐定。

在若干交易中，本集團保留對已轉移金融資產提供有償服務的義務。已轉移資產於滿足終止確認準則時終止確認。倘服務費高於履行服務的適合水平（資產）或低於履行服務的適合水平（負債），則針對服務合約確認資產或負債。

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iii. Derecognition (continued)Financial liabilitiesThe Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.

iv. Modifications of financial assets and financial liabilitiesFinancial assetsIf the terms of a financial asset are modified, the Group evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to cash flows from the original financial asset are deemed to have expired. In thiscase, the original financial asset is derecognised (see (iii)) and a new financial asset is recognised at fair value.

If the cash flows of the modified asset carried at amortised cost are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the Group recalculates the gross carrying amount of the financial asset and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in profit or loss. If such amodification is carried out because of financial difficulties of the borrower (see (vii)), then the gain or loss is presented together with impairment losses. In other cases, it is presented as interest income.

Financial liabilitiesThe Group derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case, a new financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognised in profit or loss.




iii. 終止確認（續）金融負債當金融負債的合約責任獲解除或取消或屆滿，則本集團終止確認該金融負債。

iv. 金融資產及金融負債的修訂

金融資產倘金融資產的條款被修訂，本集團將評估該經修訂資產的現金流量是否出現重大差異。倘現金流量出現重大差異，則原金融資產現金流量的合約權利將被視為屆滿。在此情況下，原金融資產將終止確認（見(iii)），並按公平價值確認新金融資產。

倘經修訂資產以攤銷成本入賬的現金流量並無重大差異，則該修訂不會導致該金融資產終止確認。在此情況下，本集團將重新計算該金融資產的總賬面值，並於損益內確認調整總賬面值後的金額為經修訂損益。倘進行修訂是由於借款人出現財務困難（見(vii)），則損益與減值損失一起呈列。否則，其將呈列為利息收入。

金融負債當金融負債的條款被修改，而經修改負債的現金流量出現重大差異，則本集團將終止確認該金融負債。在此情況下，經修改條款下的新金融負債以公平價值確認。原金融負債與經修改條款下的新金融負債的賬面值差額於損益確認。

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v. OffsettingFinancial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

Income and expenses are presented on a net basis only when permitted under HKFRS, or for gains and losses arising from a group of similar transactions such as in the Group’s trading activity.

vi. Fair value measurement‘Fair value’ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk.

When one is available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

If there is no quoted price in an active market, then the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.




v. 抵銷當及僅當本集團現時存在一項可依法強制執行的權利可抵銷金融資產及金融負債，且其有意以淨額基準結算或同時變現資產及清償負債，則兩者可予抵銷，而其淨額於財務狀況表呈列。

收入及支出僅在《香港財務報告準則》允許的情況下或就一組類似交易（例如本集團的交易活動）所產生的損益按淨額基準呈列。

vi. 公平價值計量「公平價值」是指市場參與者於計量日在本集團可接觸的主要市場（如沒有主要市場，則為最有利的市場）進行有秩交易時，因出售資產所收取的價格或因轉移負債所支付的價格。負債的公平價值反映了其不履約風險。

本集團使用工具在活躍市場的報價計量該工具的公平價值（如適用）。如果該資產或負債的交易頻率和數額足以持續提供定價信息，即可視為活躍市場。

當活躍市場中沒有報價時，本集團會採用估值技術，並盡量使用相關的可觀察輸入數據及避免使用不可觀察的輸入數據。所選用的估值技術包含了市場參與者在釐定交易價格時會考慮的所有因素。

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vi. Fair value measurement (continued)The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price – i .e . the fair value of the considerat ion given or received. I f the Group determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique for which any unobservable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognised in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data or the transaction is closed out.

If an asset or a liability measured at fair value has a bid price and an ask price, then the Group measures assets and long positions at a bid price and liabilities and short positions at an ask price.

Port fol ios of f inancia l assets and f inancia l liabilities that are exposed to market risk and credit risk that are managed by the Group on the basis of the net exposure to either market or credit risk are measured on the basis of a price that would be received to sell a net long position (or paid to transfer a net short position) for the particular risk exposure. Portfolio-level adjustments – e.g. bid-ask adjustment or credit risk adjustments that reflect the measurement on the basis of the net exposure – are allocated to the individual assets and liabilities on the basis of the relative risk adjustment of each of the individual instruments in the portfolio.




vi. 公平價值計量（續）金融工具的交易價格（即所支付或所收取的代價之公平價值）一般是初始確認有關工具的公平價值的最佳依據。如果本集團認為初始確認的公平價值有別於交易價格，而公平價值既非以相同資產或負債在活躍市場的報價作依據，亦不是採用任何不可觀察輸入數據被判斷為就計量而言屬不重大的估值技術，則金融工具會按公平價值初始計量，並作出相應調整，以便遞延初始確認的公平價值與交易價格之間的差異。有關差異其後會在該項工具的整個合約期中，按適當基準在損益中確認，但不遲於可完全以可觀察市場數據支持估值或交易完成之時。

如果按公平價值計量的資產或負債有買入價和賣出價，本集團會以買入價計量資產和長倉，以賣出價計量負債和短倉。

承受市場風險及信用風險（由本集團以市場或信用風險淨額基準管理）的金融資產及金融負債組合的特定風險額，是以出售淨長倉時收取（或轉讓淨短倉時支付）的價格為計量基準。在組合層面的調整數額（例如按淨額基準反映其計量的買賣價調整或信用風險調整），會按組合內各項工具的相對風險調整基準分配至個別的資產和負債。

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vi. Fair value measurement (continued)The fair value of a financial liability with a demand feature (e.g. a demand deposit) is not less than the amount payable on demand, discounted from the first date on which the amount could be required to be paid.

The Group recognises transfers between levels of the fair value hierarchy as of the end of thereporting period during which the change has occurred.

vii. ImpairmentThe Group recognises loss allowances for ECL on the following financial instruments that are not measured at FVTPL:

• financial assets that are debt instruments;

• lease receivables;

• financial guarantee contracts issued; and

• loan commitments issued.

No impairment loss is recognised on equity investments.

The Group measures loss allowances at an amount equal to lifetime ECL, except for the following, for which they are measured as 12-month ECL:

• d e b t i n v e s t m e n t s e c u r i t i e s t h a t a r e determined to have low credit risk at the reporting date; and

• other financial instruments (other than lease receivables) on which credit risk has not increased significantly since their initial recognition.

Loss allowances for lease receivables are always measured at an amount equal to lifetime ECL.




vi. 公平價值計量（續）包含活期特徵（例如活期存款）金融負債的公平價值不少於按要求償還的金額，自該金額可能被要求償付首日當天貼現。

本集團會在報告期末確認期內在各公平價值等級之間出現的任何轉移。

vii. 減值就以下非以公平價值經損益表入賬金融工具之預期信用損失，本集團確認虧損撥備：

• 屬債務工具的金融資產；

• 應收租金；

• 已發出的金融擔保合約；及

• 已發出的貸款承諾。

概無就權益投資確認減值損失。

本集團以等同合約期內之預期信用損失的金額計量虧損撥備，惟以下除外，彼等以12個月以內預期信用損失計量：

• 於報告日期被釐定為低信用風險之債務投資證券；及

• 自初始確認以來其信用風險未有大幅上升的其他金融工具（應收租金除外）。

應收租金之虧損撥備總以等同合約期內之預期信用損失的金額計量。

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vii. Impairment (continued)The Group considers a debt security to have low credit risk when their credit risk rating is equivalent to the globally understood definition of ‘investment grade’. 12-month ECL are the portion of ECL that result from default events on a financial instrument that are possible within the 12 months after the reporting date.

Measurement of ECLECL are a probability-weighted estimate of credit losses. They are measured as follows:

• financial assets that are not credit-impaired at the reporting date: as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive);

• financial assets that are credit-impaired at the reporting date: as the difference between the gross carrying amount and the present value of estimated future cash flows;

• u n d r a w n l o a n c o m m i t m e n t s : a s t h e present value of the difference between the contractual cash flows that are due to the Group if the commitment is drawn down and the cash flows that the Group expects to receive; and

• financial guarantee contracts: the expected payments to reimburse the holder less any amounts that the Group expects to recover.




vii. 減值（續）當債券信用風險評級相當於根據眾所周知的定義下的「投資級」，則本集團視之為擁有低信用風險。12個月以內預期信用損失指於報告日期後12個月內金融工具可能出現的違約事件導致的預期信用損失部分。

預期信用損失的計量預期信用損失為信用損失之概率加權估計，其計量方法如下：

• 於報告日期並無信貸不良之金融資產：所有現金流短缺的現值（即實體根據合約應收的現金流量與本集團預期收到的現金流量之間的差額）；

• 於報告日期有信貸不良之金融資產：總賬面值與估計未來現金流的現值之間的差額；

• 未動用貸款承諾：倘動用承諾本集團應收的合約現金流量與本集團預期收到的現金流量之間差額的現值；及

• 金融擔保合約：預期償付持有人的付款減本集團預期收回的任何金額。

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vii. Impairment (continued)Restructured financial assetsIf the terms of a financial asset are renegotiated or modified or an existing financial asset is replaced with a new one due to financial difficulties of the borrower, then an assessment is made of whether the financial asset should be derecognised and ECL are measured as follows.

• If the expected restructuring will not result in derecognition of the existing asset, then the expected cash flows arising from the modified financial asset are included in calculating the cash shortfalls from the existing asset.

• If the expected restructuring will result in derecognition of the existing asset, then the expected fair value of the new asset is treated as the final cash flow from the existing financial asset at the time of its derecognition. This amount is included in calculating the cash shortfalls from the existing financial asset that are discounted from the expected date of derecognition to the reporting date using the original effective interest rate of the existing financial asset.

Credit-impaired financial assetsAt each reporting date, the Group assesses whether financial assets carried at amortised cost and debt financial assets carried at FVTOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.




vii. 減值（續）經重組的金融資產倘因借款人出現財務困難重新磋商或修訂金融資產的條款或現存的金融資產由新的金融資產取代，則將評估該金融資產應否終止確認，預期信用損失計量方法如下。

• 倘預期重組將不會導致現存資產終止確認，則經修訂金融資產產生的預期現金流量於計算來自現存資產的現金短缺時計入。

• 倘預期重組將導致現存資產終止確認，則新資產的預期公平價值於現存金融資產終止確認時被當成為來自現存資產的最終現金流量。此金額於計算來自現存金融資產的現金短缺時計入，按現存金融資產原實際利率自預期終止確認日期至報告日期貼現。

有信貸不良的金融資產於各報告日期，本集團評估以攤銷成本入賬金融資產及以公平價值經其他全面收益入賬債務金融資產是否有信貸不良。當發生一項或多項對金融資產估計未來現金流量有不利影響的事件時，金融資產出現「信貸不良」。

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vii. Impairment (continued)Credit-impaired financial assets (continued)Evidence that a financial asset is credit-impaired includes the following observable data:

• s igni f i cant f inanc ia l d i f f i cu l ty o f the borrower or issuer;

• a breach of contract such as a default or past due event;

• the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;

• it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or

• the disappearance of an active market for a security because of financial difficulties.

A loan that has been renegotiated due to a deterioration in the borrower’s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. In addition, a retail loan that is overdue for 90 days or more is considered impaired.




vii. 減值（續）有信貸不良的金融資產（續）金融資產信貸不良的證據包括以下可觀察數據：

• 借款人或發行人出現重大財務困難；

• 違反合約，如拖欠或逾期事件；

• 按本集團於其他情況下不會考慮之條款進行貸款重組；

• 借款人很有可能將告破產或進行其他財務重組；或

• 因為出現財政困難而導致證券失去活躍市場。

因借款人狀況惡化重新磋商的貸款通常被認為出現信貸不良，除非有證據顯示未能收取合約現金流量的風險大幅減少及概無其他減值的指標。此外，逾期90日或以上的零售貸款被認為需要減值。

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vii. Impairment (continued)Credit-impaired financial assets (continued)In making an assessment of whether an investment in sovereign debt is credit-impaired, the Group considers the following factors.

• The market’s assessment of creditworthiness as reflected in the bond yields.

• T h e r a t i n g a g e n c i e s ’ a s s e s s m e n t s o f creditworthiness.

• The country’s ability to access the capital markets for new debt issuance.

• The probability of debt being restructured, resulting in holders suffering losses through voluntary or mandatory debt forgiveness.

• The international support mechanisms in place to provide the necessary support as ‘lender of last resort’ to that country, as well as the intention, reflected in public statements, of governments and agencies to use those mechanisms. This includes a n a s s e s s m e n t o f t h e d e p t h o f t h o s e mechanisms and, irrespective of the political intent, whether there is the capacity to fulfil the required criteria.




vii. 減值（續）有信貸不良的金融資產（續）於評估主權債券投資是否出現信貸不良時，本集團考慮以下因素。

• 市場對信貸能力的評估，於債券孳息率中反映。

• 評級機構對信貸能力的評估。

• 有關國家接觸資本市場以發行新債券的能力。

• 債券重組的概率，其將導致持有人透過自願性或強制性債務減免蒙受虧損。

• 現行國際支援機制提供所需的支援以作該國的「最後貸款人」，以及政府及機構使用該等機制的動機（於公開聲明中反映）。這包括評估該等機制的深度及（不論有否政治目的）是否有能力達成所需的準則。

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vii. Impairment (continued)Presentation of allowance for ECL in the statement of financial positionLoss allowances for ECL are presented in the statement of financial position as follows:

• financial assets measured at amortised cost: as a deduction from the gross carrying amount of the assets;

• loan commitments and financial guarantee contracts: generally, as a provision;

• where a financial instrument includes both a drawn and an undrawn component, and the Group cannot identify the ECL on the loan commitment component separately from those on the drawn component: the Group presents a combined loss allowance for both components. The combined amount is presented as a deduction from the gross carrying amount of the drawn component. Any excess of the loss allowance over the gross amount of the drawn component is presented as a provision; and

• debt instruments measured at FVTOCI: no loss allowance is recognised in the statement of financial position because the carrying amount of these assets is their fair value. However, the loss allowance is disclosed and is recognised in the fair value reserve.

Write-offLoans and debt securities are written off (either partially or in full) when there is no realistic prospect of recovery. This is generally the case when the Group determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due.




vii. 減值（續）預期信用損失撥備於財務狀況表的呈列預期信用損失的虧損撥備於財務狀況表呈列方式如下：

• 以攤銷成本入賬金融資產：從資產總賬面值的扣減；

• 貸款承諾及金融擔保合約：一般而言列作撥備；

• 當金融工具包括已動用及未動用部分，且本集團不能從已動用部分的預期信用損失中分辨出貸款承諾部分的預期信用損失：本集團就兩部分呈列合併虧損撥備。合併賬目呈列為從已動用部分總賬面值的扣減。超逾已動用部分總賬面值之任何虧損撥備呈列為撥備；及

• 以公平價值經其他全面收益入賬債務工具：概無虧損撥備於財務狀況表獲確認，因為該等資產的賬面值為其公平價值。然而，虧損撥備獲披露及於公平價值儲備中確認。

撇銷若貸款及債券無實際可收回的前景，則予撇銷（部分或全部）。當本集團判斷借款人並無資產或收入來源可產生足夠的現金流量以償還應撇銷的金額時，一般會如此處理。然而，本集團對已撇銷的金融資產會繼續追收債務的工作，以遵守本集團收回應收金額的程序。

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viii. Designation at fair value through profit or lossFinancial assetsAt initial recognition, the Group has designated certain financial assets as at FVTPL because this designation eliminates or significantly reduces an accounting mismatch, which would otherwise rise.

Financial liabilitiesThe Group has designated certain f inancial liabilities as at FVTPL in either of the following circumstances:

• the liabilities are managed, evaluated and reported internally on a fair value basis; or

• the designation eliminates or significantly reduces an accounting mismatch that would otherwise arise.

2.7.2 Cash and cash equivalents‘Cash and cash equivalents’ include notes and coins on hand, unrestricted balances held with central banks and highly liquid financial assets with original maturities of three months or less from the date of acquisition that are subject to an insignificant risk of changes in their fair value, and are used by the Group in the management of its short-term commitments.

Cash and cash equivalents are carried at amortised cost in the statement of financial position.




viii. 指定以公平價值經損益表金融資產於初始確認時，本集團已指定若干金融資產以公平價值經損益表入賬，因為此指定消除或顯著減少會計錯配，否則錯配將會發生。

金融負債本集團已指定若干金融負債以公平價值經損益表入賬，涉及以下其中一種情況：

• 該等負債按公平價值基準作內部管理、評估及呈報；或

• 此指定消除或顯著減少會計錯配，否則錯配將會發生。

2.7.2 現金及等同現金項目「現金及等同現金項目」包括紙幣及硬幣、於央行持有的不受限結餘及流動性強的金融資產（自收購日期至原到期日為三個月或以下且彼等公平價值變動的風險微不足道），及為本集團用作管理其短期承諾。

現金及等同現金項目於財務狀況表中以攤銷成本入賬。

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(I) Policy applicable from 1 January 2018 (continued)2.7.3 Trading assets and liabilities

‘Trading assets and liabilities’ are those assets and liabilities that the Group acquires or incurs principally for the purpose of selling or repurchasing in the near term, or holds as part of a portfolio that is managed together for short-term profit or position taking.

Trading assets and liabilities are initially recognised and subsequently measured at fair value in the statement of financial position, with transaction costs recognised in profit or loss. All changes in fair value are recognised as part of net trading income in profit or loss.

2.7.4 Derivatives held for risk management purposes and hedge accountingDerivatives held for risk management purposes include all derivative assets and liabilities that are not classified as trading assets or liabilities. Derivatives held for risk management purposes are measured at fair value in the statement of financial position.

The Group designates certain derivatives held for risk management as well as certain non-derivative financial instruments as hedging instruments in qualifying hedging relationships. On initial designation of the hedge, the Group formally documents the relationship between the hedging instrument(s) and hedged item(s), including the risk management objective and strategy in undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at inception of the hedge relationship and on an ongoing basis, of whether the hedging instrument(s) is(are) expected to be highly effective in offsetting the changes in the fair value or cash flows of the respective hedged item(s) during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80–125%. The Group makes an assessment for a cash flow hedge of a forecast transaction, of whether the forecast transaction is highly probable to occur and presents an exposure to variations in cash flows that could ultimately affect profit or loss. These hedging relationships are discussed below.



(I) 自二零一八年一月一日適用政策（續）2.7.3 交易資產及負債「交易資產及負債」指本集團購入或產生的資產及負債，其主要目的為於近期內出售或回購，或持作組合的一部分並管理作短期獲利或持倉之用。

交易資產及負債乃以公平價值初始確認及其後於財務狀況表入賬，交易成本則於損益中確認。所有公平價值變動於損益中確認為淨交易收入的一部分。

2.7.4 持作風險管理用途的衍生工具及對沖會計持作風險管理用途的衍生工具包括所有不作交易資產及負債分類的衍生工具資產及負債。持作風險管理用途的衍生工具於財務狀況表中以公平價值入賬。

本集團將若干持作風險管理用途的衍生工具及若干非衍生金融工具指定為合資格對沖關係下的對沖工具。於初始指定對沖時，本集團正式以文件記錄對沖工具與對沖項目之間的關係，包括風險管理目的及進行對沖的策略，以及將會用以評估對沖關係有效性的方法。本集團於對沖關係開始時及以持續基準作出評估，即預期對沖工具於指定對沖期間內抵銷相關對沖項目之公平價值或現金流量變動方面是否高效，及各對沖之實際結果是否介乎80%至125%之間。本集團對預測交易的現金流量對沖作出評估，即預測交易是否很大可能發生及是否呈現現金流量變化的風險（最終可能影響損益）。下文討論該等對沖關係。

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(I) Policy applicable from 1 January 2018 (continued)2.7.4 Derivatives held for risk management purposes and

hedge accounting (continued)i. Fair value hedges

When a derivative is designated as the hedging instrument in a hedge of the change in fair value of a recognised asset or liability or a firm commitment that could affect profit or loss, changes in the fair value of the derivative are recognised immediately in profit or loss together with changes in the fair value of the hedged item that are attributable to the hedged risk (in the same line item in the statement of profit or loss and other comprehensive income as the hedged item).

If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for fair value hedge accounting, or the hedge designation is revoked, then hedge account ing i s d i scont inued prospect ive ly . However , i f the der iva t ive i s novated to a central clearing counterparties by both parties as a consequence of laws or regulations without changes in its terms except for those that are necessary for the novation, then the derivative is not considered expired or terminated. Any adjustment up to the point of discontinuation to a hedged item for which the effective interest method is used is amortised to profit or loss as part of the recalculated effective interest rate of the item over its remaining life.



(I) 自二零一八年一月一日適用政策（續）2.7.4 持作風險管理用途的衍生工具及對

沖會計（續）i. 公平價值對沖

倘指定一項衍生工具作為對沖獲確認資產或負債或可影響損益之堅定承諾之公平價值變動之對沖工具，則衍生工具公平價值變動即時與對沖風險應佔對沖項目公平價值變動一起於損益確認（於損益及其他全面收益表內作相沖項目列在同一行項目中）。

當對沖衍生工具已到期或被出售、終止或行使時，或該對沖不再符合公平價值對沖會計的準則，或取消指定對沖，則對沖會計將會終止。然而，倘由於法律或法規的關係，衍生工具被雙方更替予中央結算對手，而其條款並無改變（除該更替所需要的條款改變外），則該衍生工具不被認為已到期或被終止。截至對沖項目終止之任何調整（使用實際利率法）以攤銷成本經損益入賬，作為該項目於其餘下合約期之經重新計算實際利率的一部分。

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hedge accounting (continued)ii. Cash flow hedges

When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve within equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The amount recognised in other comprehensive income is reclassified to profit or loss as a reclassification adjustment in the same period as the hedged cash flows affect profit or loss, and in the same line item in the statement o f prof i t or loss and other comprehens ive income. [IAS 39.101] If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for cash flow hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. However, i f the derivative is novated to a central clearing counterparties by both parties as a consequence of laws or regulations without changes in its terms except for those that are necessary for the novation, then the derivative is not considered expired or terminated.

iii. Net investment hedgesWhen a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of changes in the fair value of the hedging instrument is recognised in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion of the changes in the fair value of the derivative is recognised immediately in profit or loss. The amount recognised in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation.




沖會計（續）ii. 現金流量對沖

倘指定一項衍生工具作為對沖現金流量變動之對沖工具，而該現金流量變動源於與已確認資產或負債有關之特定風險，可能影響損益，則衍生工具公平價值變動之有效部分於其他全面收益確認，並於權益之對沖儲備內呈列。衍生工具公平價值變動之任何無效部分則於損益內即時確認。於其他全面收益確認的金額於對沖現金流量影響損益的同一期間重新分類至損益，作為重新分類調整（於損益及其他全面收益表內列在同一行項目中）。當對沖衍生工具已到期或被出售、終止或行使時，或該對沖不再符合現金流量對沖會計的準則，或取消指定對沖，則對沖會計將會終止。然而，倘由於法律或法規的關係，衍生工具被雙方更替予中央結算對手，而其條款並無改變（除該更替所需要的條款改變外），則該衍生工具不被認為已到期或被終止。

iii. 淨投資對沖當一項衍生工具或非衍生金融負債指定為海外營運淨投資之對沖之對沖工具，則衍生工具公平價值變動之有效部分於其他全面收益確認，並於權益之匯兌儲備內呈列。衍生工具公平價值變動之任何無效部分則於損益內即時確認。於其他全面收益確認的金額重新分類至損益，作為出售海外營運之重新分類調整。

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hedge accounting (continued)iv. Other non-trading derivatives

If a derivative is not held for trading, and is not designated in a qualifying hedge relationship, then all changes in its fair value are recognised immediately in profit or loss as a component of net income from other financial instruments at FVTPL.

v. Embedded derivativesD e r i v a t i v e s m a y b e e m b e d d e d i n a n o t h e r contractual arrangement (a host contract). The Group accounts for an embedded derivative separately from the host contract when:

• the host contract is not an asset in the scope of HKFRS 9;

• the host contract is not itself carried at FVTPL;

• the terms of the embedded derivative would meet the definition of a derivative if they were contained in a separate contract; and

• the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host contract.

Separated embedded derivatives are measured at fair value, with all changes in fair value recognised in prof i t or loss unless they form part of a qualifying cash flow or net investment hedging relationship. Separated embedded derivatives are presented in the statement of financial position together with the host contract.




沖會計（續）iv. 其他非交易衍生工具

倘衍生工具並非持作交易用途，及並非於合資格對沖關係內指定，則其公平價值之所有變動於損益內即時確認，作為來自以公平價值經損益表入賬其他金融工具之淨收入的一部分。

v. 嵌入式衍生工具衍生工具可嵌入另一項合約安排（主合約）。當出現以下情況，本集團將就一項嵌入式衍生工具與主合約分開處理：

• 主合約於《香港財務報告準則》第9號範疇下並非一項資產；

• 主合約本身並非以公平價值經損益表入賬；

• 倘嵌入式衍生工具的條款包含在單獨合約中，該等條款將符合衍生工具的定義；及

• 嵌入式衍生工具的經濟特徵及風險並非與主合約的經濟特徵及風險有緊密關係。

分開處理的嵌入式衍生工具以公平價值計量，公平價值之所有變動於損益內確認，除非其形成合資格現金流量或淨投資對沖關係的一部分。分開處理的嵌入式衍生工具於財務狀況表內與主合約一起呈列。

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(I) Policy applicable from 1 January 2018 (continued)2.7.5 Loans and advances

‘Loans and advances’ captions in the statement of financial position include:

• loans and advances measured at amortised cost (see J(ii)); they are initially measured at fair value plus incremental direct transaction costs, and subsequently at their amortised cost using the effective interest method;

• loans and advances mandatorily measured at FVTPL or designated as at FVTPL; these are measured at fair value with changes recognised immediately in profit or loss; and

• finance lease receivables.

When the Group purchases a f inancial asset and simultaneously enters into an agreement to resell the asset (or a substantially similar asset) at a fixed price on a future date (reverse repo or stock borrowing), the arrangement is accounted for as a loan or advance, and the underlying asset is not recognised in the Group’s financial statements.

2.7.6 Investment securitiesThe ‘investment securities’ caption in the statement of financial position includes:

• debt investment securities measured at amortised cost (see J(ii)); these are initially measured at fair value plus incremental direct transaction costs, and subsequently at their amortised cost using the effective interest method;

• debt and equity investment securities mandatorily measured at FVTPL or designated as at FVTPL; these are at fair value with changes recognised immediately in profit or loss;

• debt securities measured at FVTOCI; and

• equity investment securities designated as at FVTOCI.



(I) 自二零一八年一月一日適用政策（續）2.7.5 貸款及其他賬項

財務狀況表內的「貸款及其他賬項」科目包括：

• 以攤銷成本入賬貸款及其他賬項（見J(ii)）；其以公平價值加增量直接交易成本初始計量，其後用實際利率法以攤銷成本計量；

• 強制性以公平價值經損益表入賬或指定以公平價值經損益表入賬貸款及其他賬項；其以公平價值計量，變動於損益內即時確認；及

• 融資應收租金。

當本集團購入金融資產及同時訂立協議以於一個未來日期按定價再出售該資產（或一項相當類似的資產）（反向回購或借入股票），該安排以貸款入賬，相關資產並無於本集團的財務報表內確認。

2.7.6 投資證券財務狀況表內的「投資證券」科目包括：

• 以攤銷成本入賬債務投資證券（見J(ii)）；其以公平價值加增量直接交易成本初始計量，其後用實際利率法以攤銷成本計量；

• 強制性以公平價值經損益表入賬或指定以公平價值經損益表入賬債務及權益投資證券；其以公平價值計量，變動於損益內即時確認；

• 以公平價值經其他全面收益入賬債券；及

• 指定以公平價值經其他全面收益入賬權益投資證券。

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(I) Policy applicable from 1 January 2018 (continued)2.7.6 Investment securities (continued)

Policy applicable from 1 January 2018For debt securities measured at FVTOCI, gains and losses are recognised in OCI, except for the following, which are recognised in profit or loss in the same manner as for financial assets measured at amortised cost:

• interest revenue using the effective interest method;

• ECL and reversals; and

• foreign exchange gains and losses.

W h e n d e b t s e c u r i t y m e a s u r e d a t F V T O C I i s derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss.

The Group elects to present in OCI changes in the fair value of certain investments in equity instruments that are not held for trading. The election is made on an instrument-by-instrument basis on initial recognition and is irrevocable.

Gains and losses on such s instruments are never reclassified to profit or loss and no impairment is recognised in profit or loss. Dividends are recognised in profit or loss unless they clearly represent a recovery of part of the cost of the investment, in which case they are recognised in OCI. Cumulative gains and losses recognised in OCI are transferred to retained earnings on disposal of an investment.



(I) 自二零一八年一月一日適用政策（續）2.7.6 投資證券（續）

自二零一八年一月一日適用政策就以公平價值經其他全面收益入賬債券而言，損益於其他全面收益內確認，除以下各項於損益內確認外（方式如同金融資產以攤銷成本入賬）：

• 使用實際利率法的利息收入；

• 預期信用損失及撥回；及

• 匯兌損益。

當以公平價值經其他全面收益入賬債券終止確認，之前於其他全面收益內確認的累計損益由權益重新分類至損益。

本集團選擇於其他全面收益內呈列若干並非持作交易用途之權益工具投資之公平價值變動。該選擇乃按個別工具之基準於初始確認時作出及不能撤回。

該等權益工具的收益及虧損從不重新分類至損益及概無減值於損益內確認。股息於損益內確認，除非其清晰對應投資成本一部分的收回，在此情況下，其於其他全面收益內確認。於其他全面收益內確認的累計損益於出售投資時轉撥至保留溢利。

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(II) Policy applicable prior to 1 January 20182.7.7 Financial assets

Initial recognition and measurementFinancial assets within the scope of HKAS 39 are classified as financial assets at fair value through p r o f i t o r l o s s , l o a n s a n d r e c e i v a b l e s , h e l d - t o -maturity investments and available-for-sale financial investments, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.

The Group determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured at fair value plus transaction costs, except in the case of financial asset recorded at fair value through profit or loss.

All regular way purchases and sales of financial assets are recognised on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.

The Group’s financial assets include cash and bank balances, trade and other receivables, loans receivable, quoted and unquoted financial instruments, and derivative financial instruments.

Subsequent measurementThe subsequent measurement of f inancial assets depends on their classification as follows:

(a) Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition as at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of sale in the near term.



(II) 二零一八年一月一日前適用政策2.7.7 金融資產

初始確認及計量於《香港會計準則》第39號範疇之金融資產分類為以公平價值經損益表入賬之金融資產、貸款及應收款項、持有至到期投資及備供銷售金融投資或指定為作實際對沖工具的衍生工具（如適用）。

本集團於初始確認時釐定其金融資產之分類。當金融資產初始確認時按公平價值加交易成本計量，惟以公平價值經損益表入賬之金融資產除外。

金融資產之所有恆常性買賣按交易日期（即本集團買賣該項資產之日期）確認。金融資產之恆常性買賣指買賣須於有關市場規則或慣例設定之時限內交付之金融資產。

本集團之金融資產包括現金及銀行結存、貿易及其他應收款項、應收貸款、有報價及無報價金融工具，以及衍生金融工具。

其後計量金融資產之其後計量視乎以下分類而定：

(a) 以公平價值經損益表入賬金融資產以公平價值經損益表入賬之金融資產包括持作交易用途之金融資產及於初始確認時指定為以公平價值經損益表入賬之金融資產。倘購入之金融資產主要為近期持作交易用途，則分類為持作交易用途之金融資產。

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(II) Policy applicable prior to 1 January 2018 (continued)2.7.7 Financial assets (continued)

Subsequent measurement (continued)(a) Financial assets at fair value through profit or loss

(continued)Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments as defined by HKAS 39. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value net with changes in fair value recognised in the income statement. These net fair value changes do not include any dividends or interest earned on these financial assets.

Financial assets designated at fair value through profit or loss are designated at the date of initial recognition and only if the criteria under HKAS 39 are satisfied.

The Group evaluates its financial assets at fair value through profit or loss (held for trading) to assess whether the intent to sell them in the near term is stil l appropriate. When, in rare circumstance, the Group is unable to trade these financial assets due to inactive markets and management’s intent to sell them in the foreseeable future significantly changes, the Group may elect to reclassify these financial assets. The reclassification from financial assets at fair value through profit or loss to loans and receivables, available-for- sale financial investments or held-to-maturity investments depends on the nature of the assets.

Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required.



(II) 二零一八年一月一日前適用政策（續）2.7.7 金融資產（續）

其後計量（續）(a) 以公平價值經損益表入賬金

融資產（續）衍生工具，包括分開處理之嵌入式衍生工具亦分類為持作交易用途，除非已指定作為有效對沖工具（定義見《香港會計準則》第39號）。以公平價值經損益表入賬之金融資產於財務狀況表按公平價值列賬，而公平價值變動淨額於收益表確認。該等公平價值變動淨額並不包括就該等金融資產賺取之任何股息或利息。

指定為以公平價值經損益表入賬之金融資產乃於初始確認日期及只有能夠符合《香港會計準則》第39號之準則之情況作此指定。

本集團評估以公平價值經損益表入賬之金融資產（持作交易用途）以估計於近期內將其出售之意圖是否仍適合。當在罕見情況中，交易市場不活躍和管理層出售有關資產之意圖在可見將來會發生重大變動，致使此類金融資產無法進行交易，本集團或會謹慎地對其進行重新分類。以公平價值經損益表入賬之金融資產會根據資產性質而重新分類至貸款及應收款項、備供銷售金融投資或持有至到期投資。

就嵌入主合約的衍生工具而言，倘若其經濟特徵及風險並不與該等主合約密切相關，且持有主合約並非用作交易或指定以公平價值經損益表入賬，則其列作獨立衍生工具並按公平價值記賬。該等嵌入式衍生工具按公平價值計量，而公平價值變動於收益表確認。只有當合約條款變動導致大幅修改將另行需要的現金流量時，方會對合約進行重估。

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Subsequent measurement (continued)(b) Loans and receivables

Loans and receivables, including cash and short-term funds, placements with and advances to banks and other financial institutions, trade bills and loans and advances to customers and banks, are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such assets are subsequently measured at amortised cost using the effective interest rate method less any allowance for impairment.

Amortised cost is calculated taking into account any discount or premium on acquisition and includes fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included in net interest income in the income statement. The loss arising from impairment is recognised in the income statement.

(c) Held-to-maturity investmentsNon-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held to maturity when the Group has the positive intention and ability to hold to maturity. Held-to-maturity investments are subsequently measured at amortised cost less any allowance for impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included in net interest income in the income statement. The loss arising from impairment is recognised in the income statement. Where the Group to sell or reclassify other than an insignificant amount of held-to-maturity investments, the entire category would be tainted and reclassified as available-for-sale.




其後計量（續）(b) 貸款及應收款項

貸款及應收款項（包括現金及短期資金、在銀行同業及其他金融機構之存款及貸款、商業票據以及客戶和銀行同業之貸款及其他賬項）為有固定或可釐定付款之非衍生金融資產，此等資產並沒有在活躍市場報價。於初始計量後，該等資產其後按使用實際利率法之已攤銷成本減任何減值撥備計量。

已攤銷成本乃經計及任何收購折讓或溢價後計算，包括屬實際利率整體一部分的費用或成本。實際利率攤銷包括在收益表的淨利息收入內。減值損失於收益表內確認。

(c) 持有至到期投資付款金額固定或可釐定及有固定到期日且本集團管理層有明確意向及能力持有至到期非衍生金融資產乃分類為持有至到期投資。持有至到期投資其後按已攤銷成本減任何減值撥備計量。已攤銷成本乃經計及任何收購折讓或溢價以及屬實際利率整體一部分之費用或成本後而計算。實際利率攤銷包括在收益表之淨利息收入內。減值損失於收益表內確認。如本集團出售或重新分類（持有至到期投資金額可忽略不計則除外），則整個類別將受影響並重新分類為備供銷售。

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Subsequent measurement (continued)(d) Available-for-sale financial investments

Available-for-sale financial investments are non-derivative financial assets in listed and unlisted equity investments and debt securities. Equity investments classified as available-for-sale are those which are neither classified as held for trading nor designated at fair value through profit or loss. Debt securities in this category are those which are intended to be held for an indefinite period of time and which may be sold in response to needs for liquidity or in response to changes in the market conditions.

After init ial recognition, avai lable-for-sale financial investments are subsequently measured at fair value, with unrealised gains or losses recognised as other comprehensive income in the available-for-sale financial investment revaluation reserve until the investment is derecognised, at which time the cumulative gain or loss is recognised in the income statement in other income, or until the investment is determined to be impaired, when the cumulative gain or loss is reclassified from the available-for- sale investment revaluation reserve to the income statement. Interest and dividends earned whilst holding the available-for-sale financial investments are reported as interest income and dividend income, respectively and are recognised in the income statement as “net interest income” and “dividend income from financial investments”.

When the fair value of unlisted equity investments cannot be reliably measured because (i) the variability in the range of reasonable fair value estimates is significant for that investment or (ii) the probabilities of the various estimates within the range cannot be reasonably assessed and used in estimating fair value, such investments are stated at cost less any impairment losses.




其後計量（續）(d) 備供銷售金融投資

備供銷售金融投資為於上市及非上市權益投資及債券之非衍生金融資產。分類為備供銷售之權益投資指既未分類為持作交易用途亦未指定以公平價值經損益表入賬之投資。於此類別中之債券指擬持作不確定期限且可因應流動資金需要或市況變動予以出售之證券。

於初始確認後，備供銷售金融投資其後按公平價值計量，而未變現收益或虧損在投資終止確認（此時累計收益或虧損於收益表之其他收入內確認）或投資釐定為減值（此時累計收益或虧損由備供銷售投資重估儲備重新分類至收益表）前，作為其他全面收益於備供銷售金融投資重估儲備內列賬。持有備供銷售金融投資所賺取之利息及股息分別呈報為利息收入及股息收入，並於收益表確認為「淨利息收入」及「來自金融投資之股息收入」。

當非上市權益投資之公平價值因(i)合理公平價值估計之波幅對該項投資而言過闊或(ii)於此範圍內各項估計之可能性於估計公平價值時不能可靠地予以評估及使用，而不能可靠地計量時，該等證券按成本減任何減值損失列賬。

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Subsequent measurement (continued)(d) Available-for-sale financial investments (continued)

The Group evaluates whether the ability and intention to sell its available-for-sale financial investments in the near term are still appropriate. When, in rare circumstances, the Group is unable to trade these financial assets due to inactive markets and management ’s intent to do so significantly changes in the foreseeable future, the Group may elect to reclassify these financial assets. Reclassification to loans and receivables is permitted when the f inancial assets meet the definition of loans and receivables and the Group has the intent and ability to hold these assets for the foreseeable future or to maturity. Reclassification to the held-to- maturity category is permitted only when the group has the ability and intent to hold until the maturity date of the financial asset.

For a f inanc ia l a s se t rec lass i f i ed f rom the available-for-sale category, the fair value carrying amount on the date of reclassification becomes its new amortised cost and any previous gain or loss on that asset that has been recognised in reserve is amortised to the income statement over the remaining life of the investment using the effective interest rate. Any difference between the new amortised cost and the maturity amount is also amortised over the remaining life of the asset using the effective interest rate. If the asset is subsequently determined to be impaired, then the amount recorded in reserve is reclassified to the income statement.




其後計量（續）(d) 備供銷售金融投資（續）

本集團根據在近期內將備供銷售金融投資出售之能力及意圖是否仍然適用而評估其有關資產。當在罕見情況中，交易市場不活躍及管理層出售有關資產之意圖在可見將來會發生重大變動，致使此類金融資產無法進行交易，本集團或會謹慎地對其進行重新分類。若金融資產符合貸款及應收款項之定義並且本集團在可見將來有意圖及能力將其持有或持有至到期，則允許將其重新分類為貸款及應收款項。只有在本集團有能力及意圖持有金融資產至到期日時，才能將其重新分類為持有至到期類別。

當某項金融資產在備供銷售類別中重新分類時，於重新分類日期之公平價值賬面值將成為其經攤銷之新成本，而與該資產相關之原計入儲備之收益或損失，在投資之餘下合約期按照實際利率攤銷至收益表。經攤銷之新成本與到期金額之間之差額亦應在該資產之餘下合約期按照實際利率攤銷。倘該資產其後釐定減值，原計入儲備之金額則重新分類至收益表。

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Subsequent measurement (continued)(e) Derecognition of financial assets

A financial asset is derecognised when:

• the rights to receive cash flows from the asset have expired; or

• the Group has transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay in full without material delay to a third party under a “pass through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the assets, but has transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass through arrangement, it evaluates it and to what extent it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group’s continuing involvement in the asset. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.




其後計量（續）(e) 終止確認金融資產

金融資產在以下情況下終止確認：

• 從該資產取得現金流量之權利已過期；或

• 本集團已轉讓從該資產收取現金流量之權利，或根據一項「通過」安排，已承擔悉數而無嚴重延緩向第三方付款之責任；且(a)本集團已轉讓資產之絕大部分風險及回報，或(b)本集團未轉讓或保留資產之絕大部分風險及回報，但已轉讓資產之控制權。

倘若本集團已轉讓其取得某項資產的現金流量的權利，或已訂立一項通過安排，則會評估其是否保留資產擁有權之風險及回報以及保留之程度如何。當未轉讓或保留該項資產之絕大部分風險及回報，亦未轉讓對該項資產之控制權，則該項資產以本集團於其中持續參與之部分為限予以確認。於此情況下，本集團亦確認相關負債。已轉讓資產及相關負債按反映本集團所保留權利及責任之基準計量。

以所轉讓的資產設立的擔保為表現形式的持續參與，按該項資產原有賬面值與本集團可被要求償付之最高代價金額兩者中較低者計量。

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Subsequent measurement (continued)(f) Fair value

The fair values of financial instruments that are traded in active markets is determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs. For financial instruments where there is no active market, the fair value i s determined us ing appropriate va luat ion techniques. The Group establishes the fair value by using valuation techniques. Such techniques i n c l u d e u s i n g r e c e n t a r m ’ s l e n g t h m a r k e t transactions, reference to the current market value of another instrument which is substantially the same, a discounted cash flow analysis, and option pricing models refined to reflect the issuer’s specific circumstances.

2.7.8 Impairment of financial assetsThe Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (an incurred “loss event”) and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated.




其後計量（續）(f) 公平價值

於活躍市場買賣的金融工具公平價值乃參考市場報價或交易商報價（長倉的買入價及短倉的賣出價）釐定，且未扣除任何交易成本。就無活躍市場的金融工具而言，使用合適的估值技術釐定公平價值。本集團會採用估值方法訂出公平價值。有關技術包括採用近期按公平原則進行之市場交易、參考另一項大致相同的工具的目前市場價值、現金流量貼現分析及經改進以反映發行人特殊情況之期權定價模式釐定公平價值。

2.7.8 金融資產減值本集團會於各報告期結束時評估是否存在客觀證據證明某項金融資產或某組金融資產出現減值。減值之客觀證據為因應一宗或多宗於初始確認資產後發生之事件（「虧損事件」），而該宗虧損事件對該項或該組金融資產之估計未來現金流量構成之影響可以可靠地作出估計。

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(II) Policy applicable prior to 1 January 2018 (continued)2.7.8 Impairment of financial assets (continued)

Objective evidence that a financial asset or a group of financial assets is impaired includes observable data that comes to the attention of the Group about the following loss events:

• significant financial difficulty of the issuer or obligor;

• a b r e a c h o f c o n t r a c t , s u c h a s a d e f a u l t o r delinquency in interest or principal payments;

• the Group, for economic or legal reasons relating to the borrower’s financial difficulty granting to the borrower, a concession that the lender would not otherwise consider;

• i t i s becoming probable that the borrower will enter into bankruptcy or other financial reorganisation;

• the disappearance of an active market for that financial asset because of financial difficulties;

• deterioration in the value of collateral;

• downgrading below investment grade level; or

• o b s e r v a b l e d a t a i n d i c a t i n g t h a t t h e r e i s a measurable decrease in the estimated future cash f lows from a group of f inancial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group, including adverse changes in the payment status of borrowers in the group; or national or local economic conditions that correlate with the defaults on the assets in the group.



(II) 二零一八年一月一日前適用政策（續）2.7.8 金融資產減值（續）

證明某項或某組金融資產減值之客觀證據，包括本集團得悉有關以下虧損事件之可觀察資料：

• 發行人或義務人出現重大財政困難；

• 違反合約，例如逾期支付或拖欠利息或本金；

• 本集團為著與借款人之財政困難有關之經濟或法律理由，給予借款人一項貸款人在其他情況下不會考慮之優惠；

• 借款人可能會破產或進行其他財務重組；

• 因為出現財政困難而導致該金融資產失去活躍市場；

• 抵押品價值縮減；

• 降低至投資級別水平以下；或

• 可觀察之資料顯示某組金融資產自初始確認後，其估計未來現金流量出現可計量下跌，儘管尚未能確認組合內導致有關下跌之個別金融資產，包括該組別之借款人付款狀況出現逆轉；或與該組別資產拖欠情況有關之國家或當地經濟狀況。

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(a) Financial assets carried at amortised costFor financial assets carried at amortised cost, the Group first assesses individually whether objective evidence of impairment exists for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed f inancial asset , whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.

If there is objective evidence that an impairment loss has been incurred, the amount of the loss i s measured as the d i f ference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate (i.e., the effective interest rate computed at initial recognition). If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate.

The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the income statement. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss . Loans and receivables together with any associated allowances are written off when there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the Group. As a practical expedient, the Group may measure impairment on the basis of an instrument’s fair value using an observable market price.




(a) 以攤銷成本列賬之金融資產對於以攤銷成本列賬的金融資產，本集團首先對單項金額重大的金融資產單獨評估有否客觀減值證據，或對單項金額不重大的金融資產共同進行評估。倘若本集團認定單獨評估的金融資產並不存在客觀減值證據，無論其金額是否重大，均包括該資產在具有類似信用風險特徵的金融資產組合內共同進行減值測試。已單獨進行減值測試及已確認減值損失或繼續確認減值損失的資產，不共同進行減值測試。

若有客觀證據證明出現減值損失，則以資產之賬面值，與估計未來現金流量（不包括未產生之未來信貸虧損）之現值兩者之間之差額計量虧損之金額。估計未來現金流量之現值按金融資產原來之實際利率（即按初始確認時計算的實際利率）貼現。倘貸款以浮動利率計息，則計量任何減值損失之貼現率為現行實際利率。

資產之賬面值透過在撥備賬內扣減，虧損金額則於收益表內確認。利息收入在削減的賬面值中持續產生，並採用計量減值損失時用以貼現未來現金流量之利率計算。貸款及應收款項連同任何相關撥備乃當預期日後實際上不可收回及所有抵押品已變賣或已轉移至本集團時予以撇銷。作為可行權宜方法，本集團可以觀察所得市價按工具之公平價值基準計量減值。

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(a) Financial assets carried at amortised cost (continued)The present value of the estimated future cash flows of a collateralised financial asset less costs for obtaining and selling the collateral reflects the cash flows that may result from foreclosure whether or not the foreclosure is probable.

For the purpose of a collective evaluation of impairment, financial assets are grouped on the basis of similar credit risk characteristics (i.e., on the basis of the Group’s grading process that considers asset type, industry, geographical location, collateral type, overdue status and other relevant factors). Those characteristics are relevant to the estimation of future cash flows from groups of such assets by being indicative of the debtors’ ability to pay all amounts due according to the contractual terms of the assets being evaluated.

Future cash flows in a group of financial assets that are collectively evaluated for impairment are estimated on the basis of the contractual cash flows of the assets in the Group and the historical loss experience for assets with credit risk characteristics similar to those in the Group. Historical loss experience is adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect the period on which the historical loss experience is based and to remove the effects of conditions in the historical period that do not exist currently.

Estimates of changes in future cash flows for groups of assets should reflect and be directionally consistent with changes in related observable data from period to period (for example, changes in unemployment rates, property prices, payment status, or other factors indicative of changes in the probability of losses in the group and their magnitude). The methodology and assumptions used for estimating future cash flows are reviewed regularly by the Group to reduce any differences between loss estimates and actual loss experience.




(a) 以攤銷成本列賬之金融資產（續）已抵押金融資產之估計未來現金流量現值減去獲得及出售抵押品之成本，反映取消贖回權可能產生之現金流量，不論是否可能取消贖回權。

按組合基準進行減值評估時，金融資產按相似信用風險特徵（即本集團考慮資產類別、行業、地區、抵押類別、逾期狀態及其他相關因素）分組。該等特徵反映債務人根據受評估資產之合約條款於所有債務到期時還款之能力，因而與估計該等資產組別之未來現金流量有關。

一組按組合基準進行減值評估之金融資產之未來現金流量，乃按該組別資產之合約現金流量及與該組別資產具相若信用風險特徵之資產過往虧損經驗作出估計。過往虧損經驗會根據現時可觀察之資料作調整，以反映並沒有對過往虧損經驗所依據之該期間產生影響之現有狀況之影響，以及消除於過往期間出現但現時並不存在之條件之影響。

資產組別未來現金流量的估計變動應該反映不時相關可觀察資料的變動，並與之方向上一致（如失業率、物業價格、付款狀態，或其他可顯示該組別出現虧損概率及虧損程度因素之變動）方向一致。本集團定期檢討用作估計未來現金流量之方法及假設，以減低虧損估計與實際虧損之間的任何差距。

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(a) Financial assets carried at amortised cost (continued)When a loan i s uncol lec t ib le , i t i s wr i t ten of f against the re la ted a l lowances for loan impairment. Such loan is written off after all the necessary procedures have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of the allowances for loan impairment in the income statement.

I f , i n a s u b s e q u e n t p e r i o d , t h e a m o u n t o f the est imated impairment loss increases or decreases because of an event occurring after the impairment was recognised (such as an improvement in the debtor’s credit rating), the previously recognised impairment loss is increased or reduced by adjusting the allowance account. If a future write-off is later recovered, the recovery is credited to the income statement.

(b) Available-for-sale financial investmentsFor available-for-sale financial investments, the Group assesses at the end of each reporting period whether there is objective evidence that an investment or a group of investments is impaired.

If an available-for-sale asset is impaired, an amount comprising the difference between its cost (net of any principal payment and amortisation) and its current fair value, less any impairment loss previously recognised in the income statement, is removed from other comprehensive income and recognised in the income statement.




(a) 以攤銷成本列賬之金融資產（續）未能收回之貸款將在貸款減值相關之撥備中予以撇銷。有關貸款將於完成所有必須程序及確定虧損金額後予以撇銷。倘日後收回過往所撇銷之金額，將在收益表中扣除貸款減值撥備。

倘於某一將來之期間，估計減值損失金額因確認減值後發生的事件（例如債務人信貸評級改善）而增加或減少，則透過調整撥備賬增加或減少過往確認之減值損失。倘日後撇銷其後收回，則收回金額計入收益表。

(b) 備供銷售金融投資就備供銷售金融投資而言，本集團於各報告期間結束時評估有否客觀證據顯示一項投資或一組投資出現減值。

倘備供銷售資產減值，其成本（扣除任何本金付款及攤銷）與其目前公平價值之間的差額減任何先前已於收益表確認的減值損失乃於其他全面收益中移除並於收益表確認。

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(b) Available-for-sale financial investments (continued)In the case of equity investments classified as available-for-sale, objective evidence would include a significant or prolonged decline in the fair value of an investment below its cost. The determination of what is “significant” or “prolonged” requires judgement. “Significant” is evaluated against the original cost of the investment and “prolonged” against the period in which the fair value has been below its original cost. Where there is evidence of impairment, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that investment previously recognised in the income statement – is removed from other comprehensive income and recognised in the income statement. Impairment losses on equity instruments classified as available-for-sale are not reversed through the income statement. Increases in their fair value after impairment are recognised directly in other comprehensive income.

In the case of debt instruments classified as available-for-sale, impairment is assessed based on the same criteria as financial assets carried at amortised cost. However, the amount recorded for impairment is the cumulative loss measured as the difference between the amortised cost and the current fair value, less any impairment loss on that investment previously recognised in the income statement. Future interest income continues to be accrued based on the reduced carrying amount of the asset and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of interest income. Impairment losses on debt instruments are reversed through the income statement if the increase in fair value of the instruments can be objectively related to an event occurring after the impairment loss was recognised in the income statement.




(b) 備供銷售金融投資（續）就分類為備供銷售的權益投資而言，客觀證據包括投資的公平價值大幅或長期跌至低於其成本以下。釐定「重大」或「長期」須行使判斷力。「重大」針對投資的原來成本而評估，而「長期」則針對公平價值低於其原來成本的期間而評估。倘出現減值證據，則累計虧損（按收購成本與目前公平價值之間差額再減去該項投資先前已於收益表確認的任何減值損失而計量）於其他全面收益中移除及於收益表內確認。對於分類為備供銷售的權益工具而言，減值損失不會透過收益表撥回。於減值後增加的公平價值，直接於其他全面收益中確認。

就分類為備供銷售的債務工具而言，根據以攤銷成本列賬的金融資產的相同準則評估減值。然而，就減值入賬的數額即累計虧損，按攤銷成本與目前公平價值之間差額減去該項投資先前已於收益表確認的任何減值損失而計量。未來利息收入繼續根據資產的經削減賬面值而累計，並且使用用作貼現未來現金流量以計量減值損失的利率而累計。該利息收入作為部分利息收入入賬。倘債務工具的公平價值增加與於收益表確認減值損失後發生的事件具有客觀關係，則透過收益表撥回有關工具的減值損失。

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(II) Policy applicable prior to 1 January 2018 (continued)2.7.9 Financial liabilities

(a) Financial liabilities at fair value through profit or lossThis category has two sub-categories: financial liabilities held for trading and those designated at fair value through profit or loss.

Financial l iabil i t ies designated upon initial recognition at fair value through profit or loss are designated at the date of initial recognition and only if the criteria of HKAS 39 are satisfied.

Financial liabilities designated as at fair value through profit or loss, including the Group’s own debt securities in issue are designated as such at inception. Financial liabilities designated at fair value through profit or loss are carried at fair value and any gains and losses from changes in fair value are recognised in the income statement.

Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by HKAS 39.

Any interests charged on these financial liabilities are included in the income statement under “Interest expense”. It is carried at fair value and any gains and losses from changes in fair value are recognised in the income statement.

(b) Other financial liabilitiesOther financial liabilities are recognised initially at fair value net of transaction costs incurred and are subsequently stated at amortised cost. Any difference between proceeds net of transaction costs and the redemption value is recognised in the income statement over the period of the other financial liabilities using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The related interest expense is recognised within “Interest expense” in the income statement.



(II) 二零一八年一月一日前適用政策（續）2.7.9 金融負債

(a) 以公平價值經損益表入賬金融負債此類別細分為兩個分類：持作交易用途之金融負債，以及指定以公平價值經損益表入賬之金融負債。

於初始確認時指定為以公平價值經損益表入賬之金融負債乃於初始確認日期及只有能夠符合《香港會計準則》第39號之準則之情況作此指定。

以公平價值經損益表入賬之金融負債（包括本集團本身已發行債券）於訂立時指定為此分類。以公平價值經損益表入賬之金融負債按公平價值列賬，而公平價值變動產生之任何損益均於收益表確認。

倘購入金融負債目的為於近期出售，則分類為持作交易用途。該分類包括本集團所訂立但未指定為對沖關係之對沖工具（定義見《香港會計準則》第39號）的衍生金融工具。

就該等金融負債支付之任何利息計入收益表「利息支出」項下。其按公平價值列賬，而任何因公平價值變動產生之損益均於收益表內確認。

(b) 其他金融負債其他金融負債初始按公平價值扣除所產生之交易成本確認，及其後以攤銷成本列賬。扣除交易成本後所得款項與贖回價值兩者之差額，均按實際利率法於其他金融負債期間內於收益表確認，除非貼現之影響微不足道，則按成本列賬。相關利息支出在收益表「利息支出」內確認。

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(II) Policy applicable prior to 1 January 2018 (continued)2.7.9 Financial liabilities (continued)

(c) Derecognition of financial liabilitiesA financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognised in the income statement.

2.7.10 Derivative financial instruments and hedge accountingDerivatives are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Fair values are obtained from quoted market prices in active markets, including recent market transactions, and valuation techniques, including discounted cash flow models and option pricing models, as appropriate. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative.

The best evidence of the fair value of a derivative at initial recognition is the transaction price (i.e., the fair value of the consideration given or received) unless the fair value of that instrument is better evidenced by comparison with other observable current market transactions in the same instrument (i.e., without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets. When such evidence exists, the Group recognises profits on day one.



(II) 二零一八年一月一日前適用政策（續）2.7.9 金融負債（續）

(c) 終止確認金融負債金融負債於負債承擔被解除或取消或到期時即終止確認。

倘現有金融負債被來自同一貸款人條款基本不同之其他金融負債取代，或現有負債之條款被大幅修訂，則該取代或修訂被當作終止確認原負債及確認新負債，原負債與新負債各自賬面值之差額於收益表內確認。

2.7.10 衍生金融工具及對沖會計處理

衍生工具於訂立衍生工具合約之日按公平價值初始確認，其後按公平價值重新計量。公平價值乃根據活躍市場所報之市價釐定，包括最近市場交易及估值方法（包括現金流量貼現模型及期權定價模型）（如適用）。當衍生工具之公平價值為正數時，均作為資產入賬；當公平價值為負數時，則作為負債入賬。

初始確認衍生工具之公平價值以交易價格（即所給或所收代價之公平價值）為最佳方法，除非該工具之公平價值可按與其他可觀察現有市場上相同工具（即未經修訂或重新包裝）之交易比較更好證明或根據變量僅包括可觀察市場資料之估值方法計算。如有關證據存在，本集團將於首日確認溢利。

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(II) Policy applicable prior to 1 January 2018 (continued)2.7.10 Derivative financial instruments and hedge

accounting (continued)Certain derivatives embedded in other f inancial instruments are treated as separate derivatives when their economic characteristics and risks are not closely related to those of the host contract and the host contract is not carried at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value separately recognised in the income statement unless the Group chooses to designate the hybrid contracts at fair value through profit or loss.

Derivatives that qualify for hedge accountingThe method of recognising the resulting fair value gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as either: (i) hedges of the fair value of recognised assets or liabilities or unrecognised firm commitments (fair value hedge); or (ii) hedges of highly probable future cash flows attributable to a recognised asset or liability, or a forecasted transaction (cash flow hedge). Hedge accounting is used for derivatives designated in this way provided certain criteria are met.

T h e G r o u p d o c u m e n t s , a t t h e i n c e p t i o n o f t h e t r a n s a c t i o n , t h e r e l a t i o n s h i p b e t w e e n h e d g i n g instruments and hedged items, as well as i ts risk management objective and strategy for undertaking various hedge transactions.

The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.



(II) 二零一八年一月一日前適用政策（續）2.7.10 衍生金融工具及對沖會計處理（續）

當嵌入於其他金融工具之若干衍生工具之經濟特徵及風險與主合約並無密切關係時，而主合約並非以公平價值經損益表入賬，則作為個別衍生工具處理。該等嵌入式衍生工具以公平價值計量，而公平價值變動則於收益表另行確認，除非本集團選擇指定以公平價值經損益表入賬之混合合約。

符合作對沖會計處理之衍生工具公平價值收益或虧損結果之確認方法取決於衍生工具是否指定為對沖工具，如屬者則須取決於對沖項目性質。本集團指定若干衍生工具為：(i)已確認資產或負債或未確認落實承擔之公平價值之對沖（公平價值對沖）；或(ii)歸屬於已確認資產或負債極有可能之未來現金流量或預期交易之對沖（現金流量對沖）。以此方法指定之衍生工具採納對冲會計方式處理，惟須符合若干準則。

本集團於訂立交易時訂立文據，訂明對沖工具與所對沖項目之關係，以及其風險管理目標及進行若干對沖交易之策略。

本集團亦於開始對沖時及持續將其就用於對沖交易之衍生工具是否對抵銷公平價值變動或所對沖項目的現金流量有顯著成效所進行之評估訂立文據。

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accounting (continued)(a) Fair value hedge

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortised to the income statement over the period to maturity. If the hedged item is derecognised, the unamortised fair value adjustment is recognised immediately in the income statement.

(b) Cash flow hedgeThe effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income in the cash f low hedge reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement.

Amounts recognised in other comprehensive income are recycled to the income statement in the periods in which the hedged item will affect profit or loss (for example, when the forecast sale that is hedged takes place).

When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in other comprehensive income at that time remains in other comprehensive income and is recognised when the forecast transaction affects profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement.




(a) 公平價值對沖被指定及合資格成為公平價值對沖之衍生工具之公平價值變動，連同與對沖風險相關之對沖資產或負債之任何公平價值變動，於收益表中入賬。

倘對沖不再符合對沖會計處理之準則，則採用實際利率法釐定對沖項目賬面值之調整，於到期前期間在收益表攤銷。倘若終止確認被對沖之項目，則即時於收益表確認未攤銷公平價值調整。

(b) 現金流量對沖指定並合資格成為現金流量對沖之衍生工具之公平價值如有任何變動，其有效部分均在現金流量對沖儲備之其他全面收益中確認。涉及無效部分之損益即時在收益表中確認。

其他全面收益中確認之金額於對沖項目將會影響損益之期間（例如進行已對沖之預測銷售）轉回至收益表。

當某項對沖工具到期或出售時，或當對沖不再符合對沖會計之準則時，當時存在於其他全面收益中之任何累計損益依舊列作其他全面收益，並在預測交易影響損益時入賬。當預計某項預測交易不再預期發生時，在權益當中呈報之累計損益即時轉撥至收益表。

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accounting (continued)Derivatives that do not qualify for hedge accountingCertain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in the income statement.

2.8 Offsetting financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if, and only if, there is currently enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2.9 Sale and repurchase agreements

Securities sold subject to repurchase agreements (“repos”) are reclassified in the financial statements as pledged assets when the transferee has the right by contract or custom to sell or repledge the collateral; the counterparty liability is included in deposits from banks and other financial institutions or deposits from customers, as appropriate. Securities purchased under agreements to resell (“reverse repos”) are recorded as loans and advances to customers and banks or placements with banks and other financial institutions, as appropriate.

The difference between sale and repurchase prices is treated as an interest and accrued over the life of the agreements using the effective interest method. Securities lent to counterparties are also retained in the financial statements.

Securities borrowed are not recognised in the financial statements, unless these are sold to third parties, in which case the purchase and sale are recorded with the gain or loss included in the trading income. The obligation to return them is recorded at fair value as a trading liability.




不符合作對沖會計處理之衍生工具若干衍生工具並不符合作對沖會計處理。任何不符合作對沖會計處理之衍生工具之公平價值變動即時於收益表內確認。

2.8 抵銷金融工具

倘且僅倘有現行可予執行的權利抵銷確認金額及計劃以淨額結算，或同時變賣資產以清償負債，金融資產和金融負債互相抵銷，而在財務狀況表內以淨額列示。

2.9 買賣協議

倘承讓人有權根據合約或慣例出售或轉按抵押品時，根據購回協議（「購回協議」）售出之證券在財務報表內重新分類為抵押資產；對手方之負債列入在銀行同業及其他金融機構之存款或客戶存款（視乎適合而定）。根據轉售協議（「轉售協議」）購入之證券列為客戶及銀行之貸款及其他賬項或在銀行同業及其他金融機構之存款（視乎適合而定）。

售價與購回價之差額作為利息處理，並採用實際利率法於協議之年期內計算。借予對手方之證券亦保留在財務報表內。

借入之證券不在財務報表內確認，除非該等證券出售給第三方（在該情況下，買賣及損益包含於交易收入內）。歸還該等證券之責任作為交易負債按公平價值記錄。

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2.10 Repossessed assets

Repossessed collateral assets are reported as off balance-sheet items and are stated at fair value. In the recovery of impaired loans and advances, the Group may take possession of the collateral assets through court proceedings or voluntary delivery of possession by the borrowers. In accordance with the Group’s accounting policy set out in Note 2.8(a), impairment allowances for impaired loans and advances are maintained after taking into account the net realisable value of the collateral assets. On a sale transaction of repossessed assets, the amount received will be used to offset the loans and advances first until they are fully recovered, and any remaining amount will be released to the borrowers.

2.11 Segment reporting

An operating segment is a component of an entity: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), (b) whose operating results are regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available.

2.12 Foreign currency translation

(a) Functional and presentation currencyItems included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in Hong Kong dollars, which is the Bank’s functional and presentation currency.


2.10 收回資產

已收回抵押品資產列作資產負債表外項目並按公平價值列值。在收回減值貸款及其他賬項時，本集團會通過法庭程序或借款人自願交出擁有權收回抵押品資產。根據本集團附註2.8(a)所載的會計政策，計算減值貸款及其他賬項之減值撥備已計及抵押品資產之可變現淨值。於將收回資產出售後，所收取款額將首先用於抵銷貸款及其他賬項，直至貸款全數收回為止，而任何餘額將退還予借款人。

2.11 分部報告

經營分部是實體中符合以下條件的組成部分：(a)其從事商業活動而可能藉此而賺取收入及錄得支出（包括與同一實體內的其他組成部分進行的交易有關的收入及支出）；(b)其經營業績由該實體的主要營運決策人定期審閱，以決定分配資源到該分部並評估其表現；及(c)可獲提供個別的財務資料。

2.12 外幣換算

(a) 功能及呈列貨幣本集團旗下各機構之財務報表中所載項目乃採用該機構營運之主要經濟環境所使用之貨幣（「功能貨幣」）計量。綜合財務報表乃以港元呈列。港元乃本銀行之功能及呈列貨幣。

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2.12 Foreign currency translation (continued)

(b) Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translations at year- end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges.

Translation differences on non-monetary items that are measured at fair value whose fair value changes recognised in the income statement, such as equity held at fair value through profit or loss, are reported as part of the fair value gain or loss. Translation differences on non-monetary items that are measured at fair value whose fair value changes recognised in the equity, such as equities classified as available-for-sale financial assets, are recorded as other comprehensive income and included in the fair value reserve in equity.

(c) Group companiesThe results and financial positions of all the group entities (none of which has a functional currency which is the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

• assets and liabilities of these entities are translated at the closing rate at the end of the reporting period;

• their income statements are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates prevailing at the dates of the transactions); and

• all resulting exchange differences are recognised in other comprehensive income and accumulated in a separate component of equity.


2.12 外幣換算（續）

(b) 交易及結餘外幣交易按交易日現行之匯率換算為功能貨幣。該等交易結算及以外幣結算之貨幣性資產及負債按年終日之匯率換算所產生之匯兌收益及虧損，於收益表內確認，惟於其他全面收益中遞延為合資格現金流量對沖及合資格淨投資對沖者除外。

按公平價值計量而公平價值變動於收益表確認的非貨幣性項目，如持有以公平價值列入損益表的權益之換算差額將作為公平價值收益或虧損之一部分呈報。按公平價值計量而公平價值變動於權益確認的非貨幣性項目，如分類為備供銷售金融資產之權益之換算差額則記錄作其他全面收益並列入權益內之公平價值儲備

(c) 集團旗下公司本集團旗下所有功能與呈列貨幣不同的機構（均無擁有高通脹經濟之功能貨幣）之業績及財務狀況按以下方式換算為呈列貨幣：

• 該等機構之資產及負債按報告期結束時之收市匯率換算；

• 彼等之收益表按平均匯率換算（如果此平均值並非該等交易日期通行匯率的累積效果之合理約數，收入及支出將按交易日期之通行匯率換算）；及

• 所有匯兌差額確認為其他全面收益，並於權益內作為一個獨立組成部分累計。

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2.12 Foreign currency translation (continued)

(c) Group companies (continued)On consolidation, the exchange differences arising from the translation of the net investment in foreign entities, and of borrowings and other currency instruments designated as hedges of such investments, are included in a separate component of equity. When a foreign operation is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

(d) Consolidated statement of cash flowsFor the purpose of the consolidated statement of cash flows, the cash flows of overseas subsidiaries are translated into Hong Kong dollars at the exchange rates ruling at the dates of the cash flows. Frequently recurring cash flows of overseas subsidiaries which arise throughout the year are translated into Hong Kong dollars at the weighted average exchange rates for the year.

2.13 Property, plant and equipment

Bank premises and properties comprise mainly branches and offices. Bank premises and properties are shown at fair value, based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation. Any accumulated depreciation at the date of revaluation is restated proportionately with the change in the gross carrying amount of the asset so that the carrying amount of the asset after revaluation equals its revalued amount. All other items of property, plant and equipment are stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.

Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the income statement in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly.


2.12 外幣換算（續）

(c) 集團旗下公司（續）於合併財務報表時，換算外國機構淨投資及指定作為對沖該等投資之借款及其他貨幣工具所產生之匯兌差額，分別單獨列入權益。倘外國業務被售出，該等匯兌差額列作出售所得收益或虧損之一部分並在收益表內確認。

因收購外國機構產生之商譽及公平價值調整，被當作該外國機構之資產及負債處理，並按於結算日之匯率換算。

(d) 綜合現金流量表就綜合現金流量表而言，海外附屬公司之現金流量乃按現金流量產生當日之匯率換算為港元。海外附屬公司於整個年度之經常性循環現金流量按年內之加權平均匯率換算為港元。

2.13 物業及設備

銀行房產及物業主要包括分行及辦事處。銀行房產及物業按公平價值（公平價值乃根據外部獨立估值師至少每三年一次定期進行之估值減後續折舊後得出）列示。於重估日期，任何累積折舊以資產之賬面值總額變動按比例列賬，以使重估後之資產賬面值相等於重估金額。所有其他物業及設備項目按歷史成本減折舊及減值損失列賬。歷史成本包括收購該等項目直接應佔之支出。成本亦可包括來自因外幣購買物業及設備之合資格現金流量對沖而產生之任何收益或虧損自權益轉出之部分。

在物業及設備項目投入運作後產生的支出（如修理及保養費用）通常於產生該等支出之期間自收益表扣除。倘若符合確認準則，則大型檢查的支出會於資產賬面值中資本化作為重置。倘須定期替換重大部分的物業及設備，則本集團會將該等部分確認為有特定可使用年期個別資產及隨之計提折舊。

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2.13 Property, plant and equipment (continued)

Increases in the carrying amount arising on revaluation of bank premises and properties are credited to other reserves in shareholders’ equity. Decreases that offset previous increases of the same asset are charged against bank premises revaluation reserve directly in equity; all other decreases are expensed in the income statement. Each year the difference between the depreciation amount based on the revalued carrying amount of the asset expensed in the income statement and the depreciation amount based on the asset’s original cost is transferred from the bank premises revaluation reserve to retained earnings.

Depreciation of property, plant and equipment is calculated using the straight-line method to allocate cost or revalued amounts to their residual values over their estimated useful lives, as follows:

Bank premises and properties Over the remaining lease period of the land on which the properties are situated or their estimated useful lives of 50 years, whichever is shorter

Leasehold improvements Over the lease term of the leased premises or their estimated useful lives of 10 years whichever is shorter

Furniture and equipment 4 to 10 years

The residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at each financial year end.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount, with the amount charged directly to the income statement.

An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised in the income statement in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset. On disposal of a revalued asset, the relevant portion of the reserve realised in respect of previous valuations is transferred to retained earnings as a movement in reserves.


2.13 物業及設備（續）

因重估銀行房產及物業產生之賬面值增加計入股東權益下其他儲備中。用作抵銷同一資產過往增加之減值，乃直接於權益中與銀行物業重估儲備抵銷；所有其他減值於收益表內扣除。每年，以收益表內扣除之資產之重估賬面值為基準之折舊金額與以該資產之原始成本為基準之折舊金額之差額由銀行物業重估儲備轉撥到保留溢利內。

物業及設備之折舊採用直線法計算，以按下文所示之年期內將成本或重估金額撥入其於估計使用年期之剩餘價值：

銀行房產及物業於該等物業所在土地之剩餘租賃年期或其預計使用年限五十年，以較短者為準

租賃物業裝修於租賃房產之租賃年期或其預計使用年限十年，以較短者為準

傢俬及設備四至十年

於各財政年度結束時需檢討資產之剩餘價值、使用年期及折舊方法，並在合適之情況下作調整。

倘資產之賬面值大於其估計可收回金額，則該資產之賬面值立即減值至其可收回金額，而減值金額直接計入收益表。

物業及設備項目及初始確認之任何重大部分於出售之後或預期其使用或出售將不會產生未來經濟利益時即終止確認。於資產終止確認年度之收益表內確認之出售或報廢之任何損益，乃銷售所得款項淨額與相關資產賬面值之差額。於出售重估資產時，就上次估值已變現之儲備相關部分轉撥至保留溢利，列為儲備變動。

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2.14 Investment properties

Property that is held for long-term yields or for capital appreciation or both and that is not occupied by the companies in the Group is classified as investment property.

Investment properties are measured initially at cost, including related transaction costs. After initial recognition, investment properties are carried at fair value. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If this information is not available, the Group uses alternative valuation methods such as recent transaction prices on less active markets or discounted cash flow projections. These valuations are performed in accordance with the guidance issued by the International Valuation Standards Committee. These valuations are reviewed annually by external valuers. Investment properties that are being redeveloped for continuing use as investment properties, or for which the market has become less active, continue to be measured at fair value.

The fair value of investment properties reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions.

The fair value also reflects, on a similar basis, any cash outflows that could be expected in respect of the properties. Some of those outflows are recognised as liabilities, including finance lease liabilities in respect of land classified as investment properties; other outflows including contingent rent payments, are not recognised in the financial statements.

Subsequent expenditure is charged to the asset’s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance costs are expensed in the income statement during the financial period in which they are incurred.

Changes in fair values are recognised in the income statement.

If an investment property becomes owner-occupied, it is reclassified as property, plant and equipment, and its fair value at the date of reclassification becomes its cost for accounting purposes. Properties that are being constructed or developed for future use as investment properties are classified as property, plant and equipment and stated at cost until construction or development is completed, at which time they are reclassified and subsequently accounted for as investment properties.


2.14 投資物業

持作收取長期收益或資本增值或兩者並行而非由本集團公司佔用之物業分類為投資物業。

投資物業初始按成本（包括相關交易成本）計量。於初始確認後，投資物業以公平價值列賬。公平價值乃根據活躍市場價格計算，並按特定資產之性質、位置或狀況之任何差異作出必要調整。如此資料不可用，本集團使用替代估值方法，例如較不活躍市場之近期交易價格或已貼現現金流量預期。該等估值根據國際估值準則委員會頒布之指引進行，並由外界估值師每年予以檢討。再發展以持續作投資物業用途之投資物業，或市場活躍度降低之投資物業繼續以公平價值計量。

投資物業之公平價值反映（其中包括）即期租賃之租金收入以及根據現時市況所作有關未來租賃租金收入之假設。

公平價值亦按相似基準反映物業預期可產生之任何現金流出。此等流出之若干部分確認為負債，包括與分類作投資物業之土地有關之融資租約負債；包括或然租金付款之其他現金流出則不會於財務報表中確認。

其後支出僅於當與項目有關之未來經濟利益很有可能會流入本集團，而項目成本能夠可靠地計量，方會於資產之賬面值扣除。所有其他維修及保養成本於產生之財政期間自收益表扣除支銷。

公平價值變動於收益表確認。

如投資物業由擁有人佔用，則重新分類為物業及設備，而就會計處理而言，其於重新分類當日之公平價值將變為成本。建設中或發展中以供未來用作投資物業之物業分類為物業及設備，並以成本列賬，直至建設或發展工作完成為止，此時重新分類為投資物業及其後按此入賬。

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2.14 Investment properties (continued)

If an item of property, plant and equipment becomes an investment property because its use has changed, any difference resulting between the carrying amount and the fair value of this item at the date of transfer is recognised in equity as a revaluation of property, plant and equipment under HKAS 16. However, if a fair value gain reverses a previous impairment loss, the gain is recognised in the income statement.

2.15 Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets and liabilities and contingent liabilities assumed of the acquired subsidiaries at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisition of an associate is included in “Investments in associate”. The carrying amount of goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. Goodwill is carried at cost less accumulated impairment losses. An impairment loss recognised for goodwill is not reversed in a subsequent period. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each of those cash-generating units is represented by each primary reporting segment.

2.16 Intangible assets (other than goodwill)

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value as at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are subsequently amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.

The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each financial year end.

Gains or losses from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the assets are derecognised.


2.14 投資物業（續）

倘物業及設備項目因用途改變而成為投資物業，該項目於轉變當日之賬面值與公平價值產生之差額，將根據《香港會計準則》第16號於權益內確認為物業及設備重估。然而，如公平價值收益抵銷先前減值損失，則該項收益將於收益表內確認。

2.15 商譽

商譽指一項收購之成本超逾本集團分佔所收購附屬公司於收購日期之可識別資產及負債淨額及所承擔之或然負債之公平價值之部分。收購附屬公司之商譽列入無形資產。收購聯營公司產生之商譽計入「於聯營公司之投資」。商譽的賬面值每年檢討減值，或如發生事件或情況改變顯示賬面值可能已減值，則更頻繁地進行減值檢討。商譽按成本減累計減值損失列賬。就商譽確認之減值損失於其後之期間不予撥回。出售實體之損益包括與所出售實體有關之商譽之賬面值。

商譽就減值測試目的被分配至各現金產生單位。每一該等現金產生單位由每一主要呈報分部代表。

2.16 無形資產（不包括商譽）

個別收購的無形資產於初始確認時按成本計量。於業務合併中收購無形資產的成本乃於收購日期的公平價值。無形資產之使用年期經評估分為有限期及無限期兩類。具有有限年期之無形資產其後於使用經濟年期內攤銷，並於有跡象顯示無形資產可能減值時進行減值評估。

具有有限使用年期之無形資產之攤銷期及攤銷方法至少於各財政年度結束時進行檢討。

終止確認無形資產之損益乃按出售所得款項淨額與資產賬面值之差額計量，並於終止確認該項資產時於收益表內確認。

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2.16 Intangible assets (other than goodwill) (continued)

(a) Computer softwareAcquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful life of four years.

Costs associated with developing or maintaining computer software programmes are recognised as an expense as incurred. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets . Direct costs include the software development employee costs and an appropriate portion of relevant overheads.

Computer sof tware development costs recognised as intangible assets are amortised over their estimated useful life (not exceeding four years).

(b) Trading rightsTrading rights represent eligibility rights with indefinite useful lives to trade on or through The Stock Exchange of Hong Kong Limited and are tested for impairment annually. Such intangible assets are not amortised. The useful life is reviewed annually to determine whether indefinite life assessment continues to be supportable, if not, the change in the useful life assessment from indefinite to infinite is accounted for on a prospective basis.


2.16 無形資產（不包括商譽）（續）

(a) 電腦軟件所購入之電腦軟件可按收購所產生之成本及將特定軟件達致使用狀況為基準予以資本化。此等成本於估計可使用年期（即四年）內攤銷。

與開發或維護電腦軟件程式有關之成本，於產生時確認為支出。直接與製造可辨認及由本集團控制之獨有軟件產品有關，並且很可能於一年以外產生超出其成本之經濟利益之成本，乃確認為無形資產。直接成本包括軟件開發人員成本及於有關雜項支出之應佔部分。

確認為無形資產之電腦軟件開發成本，乃於其估計可使用年期內（不超過四年）攤銷。

(b) 交易權交易權指符合資格在香港聯合交易所有限公司或透過其進行交易之權利，具有無限使用年期，並每年進行減值測試。該類無形資產不予攤銷。使用年期每年進行檢討，以確定無限年期之評估是否繼續有理據支持，如否，則由無限期轉變為有限期之使用年期評估按預先基準計算。

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2.17 Impairment of non-financial assets

Assets that have an indefinite useful l i fe are not subject to amortisation, but are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to the income statement in the period in which it arises, unless the asset is carried at a revalued amount, in which case the impairment loss is accounted for in accordance with the relevant accounting policy for that revalued asset. A previously recognised impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortisation), had no impairment loss been recognised for the asset in prior years. A reversal of such impairment loss is credited to the income statement in the period in which it arises.

2.18 Income tax

Income tax comprises current and deferred tax. Income tax relating to items recognised outside profit or loss is recognised outside profit or loss, either in other comprehensive income or directly in equity.

Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates.

Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for as deferred income tax. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.


2.17 非金融資產減值

具有無限使用年期之資產毋需攤銷，但須每年進行減值測試。須作出攤銷之資產於出現其賬面值可能不能收回之事件或環境變動時需進行減值檢討。減值損失按資產之賬面值超出其可收回金額之部分確認。可收回金額為資產之公平價值減出售成本，以及使用價值兩者中之較高者。就評估減值而言，資產乃於現金流量可分開辨識（現金產生單位）之最基本層分類。於評估使用價值時，估計未來現金流量按可反映目前市場對貨幣時間值及資產特定風險之評估之稅前貼現率貼現至其現值。減值損失於其產生期間自收益表內扣除，惟資產以重估金額列賬時，其減值損失按該重估資產之有關會計原則入賬。只有在用以釐定資產之可收回金額之估計發生改變時，該資產除商譽外先前已確認之減值損失方予以撥回，惟數額不得高於假設於過往年度並無就資產確認減值損失之情況下原應已釐定之賬面值（減任何折舊╱攤銷）。被撥回之減值損失於撥回期間計入收益表。

2.18 所得稅

所得稅包括即期及遞延稅項。有關損益外確認項目的所得稅於損益外確認，即於其他全面收益或直接於權益內確認。

即期及過往期間之即期稅項資產及負債，乃根據於報告期結束時已頒布或已大致頒布之稅率（及稅務法例），並考慮本集團業務所在國家之現有詮釋及慣例，按預期將自稅務部門收回或付予稅務部門之金額計量。

遞延稅項乃就綜合財務報表中資產及負債之稅基與彼等賬面值之間於報告期結束時產生之所有暫時差額，以負債法作出撥備。然而，倘遞延所得稅來自一項交易（並非業務合併）之初始確認資產或負債，且交易時並不影響會計溢利及應課稅收益或虧損，則不入賬列為遞延所得稅。遞延所得稅採用於報告期結束時已頒布或已大致頒布及預計於相關遞延所得稅資產變現或遞延所得稅負債清償時將適用之稅率（及法例）釐定。

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2.18 Income tax (continued)

Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associate, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax related to fair value re-measurement of available-for-sale investments and cash flow hedges, which are charged or credited directly to equity, is also credited or charged directly to equity and is subsequently recognised in the income statement together with the deferred gain or loss.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of the reporting period and are recognised to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

2.19 Employee benefits

(a) Employee leave entitlementsEmployee entitlements to annual leave and long service leave are recognised when they assccrue to employees. An accrual is made for the estimated liability for annual leave and long service leave as a result of services rendered by employees up to the end of the reporting period.


2.18 所得稅（續）

遞延所得稅資產乃於未來將很可能產生應課稅溢利以動用暫時差額以作抵銷時方予確認。

遞延所得稅須就投資於附屬公司及聯營公司而產生之暫時差異作出撥備，除非暫時差異撥回之時間由本集團控制及該暫時差異很可能不會在可見未來撥回。

與備供銷售投資及現金流量對沖之公平價值重新計量相關之遞延稅項，直接在權益中扣除或計入權益，亦直接計入權益或在權益中扣除，其後連同遞延損益在收益表中確認。

遞延稅項資產之賬面值於各報告期結束時進行檢討，並在不大可能產生足夠應課稅溢利以動用全部或部分遞延稅項資產作抵銷時予以削減。未確認之遞延稅項資產於報告期結束時重新評估，並於將很可能產生足夠應課稅溢利以收回全部或部分遞延稅項資產作抵銷時方予確認。

遞延稅項資產及遞延稅項負債於擁有合法權利以即期稅項資產抵銷即期稅項負債及遞延稅項與同一應課稅實體及同一稅務部門有關時予以互相抵銷。

2.19 僱員福利

(a) 僱員假期僱員應享有之年假及長期服務假期會於確立時確認。根據僱員至報告期結束時已提供的服務而估算的未享用年假及長期服務假期已作撥備。

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2.19 Employee benefits (continued)

(b) Pension obligationsThe Group operates a defined contribution retirement scheme under the Occupational Retirement Schemes Ordinance (the “ORSO Scheme”) and another defined contribution retirement scheme under the Mandatory Provident Fund Schemes Ordinance (the “MPF Scheme”) for those employees of the Group who are eligible and have elected to participate in the schemes. The Group’s contributions to the ORSO Scheme are made based on a percentage of the eligible employees’ basic salaries and those made to the MPF Scheme are made based on a percentage of the eligible employees’ relevant income as defined in the MPF Scheme. These contributions are expensed as incurred and are reduced by contributions forfeited by those employees of the Group who leave the schemes prior to the contributions vesting fully. The assets of the schemes are held separately from those of the Group in independently administered funds.

2.20 Provisions

Provisions for restructuring costs and legal claims are recognised when (i) the Group has a present legal or constructive obligation as a result of past events; (ii) it is more likely than not that an outflow of resources will be required to settle the obligation; and (iii) the amount can be reliably estimated. Restructuring provisions comprise lease termination penalties and employee termination payments. Provisions are not recognised for future operating losses.

Where there is a number of similar obligations, the likelihood that an outflow of resources will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow of resources with respect to any one item included in the same class of obligations may be small.

2.21 Leases

Leases that transfer substantially all the rewards and risks of ownership of assets to the Group, other than legal title, are accounted for as finance leases. At the inception of a finance lease, the cost of the leased asset is capitalised at the present value of the minimum lease payments and recorded together with the obligation, excluding the interest element, to reflect the purchase and financing. Assets held under capitalised finance leases, including prepaid land lease payments under finance leases, are included in property, plant and equipment, and depreciated over the shorter of the lease terms and the estimated useful lives of the assets. The finance costs of such leases are charged to the income statement so as to provide a constant periodic rate of charge over the lease terms.


2.19 僱員福利（續）

(b) 退休金責任本集團分別根據職業退休計劃條例及強制性公積金計劃條例為合資格及選擇參與之集團員工提供定額供款退休金計劃（「職業退休計劃」）及強制性公積金計劃（「強積金計劃」）。本集團向職業退休計劃之供款乃根據合資格員工基本薪金之一個百分比計算，而於強積金計劃之供款則根據合資格員工有關收入之一個百分比（定義見強制性公積金計劃條例）計算。此等供款於產生時列作支出，並可按本集團僱員在全數取得僱主供款前離開計劃而被沒收之供款扣減。上述計劃之資產乃由獨立管理之基金持有，與本集團之資產分開。

2.20 撥備

倘(i)本集團因過往事件而產生現時法律或推定責任；(ii)可能須就解除責任而導致資源流出之可能性高於不會導致流出之可能性；及(iii)可就責任之款額作出可靠估計時，則需確認重組成本及法律索償之撥備。重組撥備包括租約終止罰款及僱員終止付款。未來經營虧損不會確認撥備。

倘有多項相似之責任時，解除該等責任所需導致資源流出之可能性按責任之類別從整體予以釐定。即使在同一類別責任內任何一項目導致資源流出之可能性可能細微，亦需就此確認撥備。

2.21 租賃

凡將資產擁有權（法定業權除外）之絕大部分回報與風險撥歸本集團之租賃，均列作融資租賃。於融資租賃開始時，租賃資產之成本按最低租金之現值資本化，並連同債項（不包括利息部分）列賬，以反映購買及融資事項。以資本化融資租賃持有之資產（包括融資租賃下之預付土地租賃款）計入物業及設備內，並按租賃年期或資產估計使用年期（以較短者為準）計提折舊。租賃之融資成本從收益表扣除，以便反映租賃年期內之平均費用率。

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2.21 Leases (continued)

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are expensed in the income statement on the straight-line basis over the period of the lease. The Group’s interests in leasehold land and land use rights are also accounted as operating leases.

Where the Group is a lessor under operating leases, assets leased out are included in property, plant and equipment in the statement of financial position. They are depreciated over their expected useful lives on a basis consistent with similar owned property, plant and equipment. Rental income (net of any incentives given to lessees) is recognised on the straight-line basis over the lease term.

Prepaid land lease payments under operating leases are initially stated at cost and subsequently recognised on the straight-line basis over the lease terms.

2.22 Cash and cash equivalents

For the purposes of the consolidated statement of cash flows, cash and cash equivalents comprise balances with less than three months’ maturity from the date of acquisition, including cash and balances with banks and other financial institutions and placements with banks and other financial institutions.

2.23 Contingent liabilities and contingent assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non- occurrence of one or more uncertain events not wholly within the Group’s control.

A contingent liability is a possible obligation that arises from past events and whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the Group’s control, or a present obligation arising from past events that is not recognised either because an outflow of resources embodying economic benefits will be required to settle the obligation but is not probable or the amount of obligation cannot be measured with sufficient reliability.

A contingent asset is not recognised but is disclosed in the notes to the financial statements when an inflow of economic benefits is probable. When the inflow is virtually certain, it will be recognised as an asset.

A contingent liability is not recognised as a provision but is disclosed in the notes to the financial statements. When a change in the probability of an outflow occurs so that outflow is probable, it will then be recognised as a provision.


2.21 租賃（續）

擁有權的絕大部分風險及回報皆由出租人承擔的租約分類為經營租賃。經營租賃下的付款在扣除自出租人收取之任何獎勵金後，於租約期內以直線基準在收益表中支銷。本集團於租賃土地之權益及土地使用權亦計作經營租賃。

根據經營租賃，倘本集團為出租人時，訂約出租之資產在財務狀況表列為物業及設備。該等資產按與類似自有物業及設備一致之基準，於其預計使用年期內折舊。租金收入（扣除任何給予承租人之獎勵金）按租約年期以直線基準確認。

根據經營租賃預付之土地租賃款初始按成本列賬，其後以直線基準於租約年期內確認。

2.22 現金及等同現金項目

就綜合現金流量表而言，現金及等同現金項目包括於購入日期起計三個月內到期的結餘，包括現金及在銀行同業與其他金融機構之結餘以及在銀行同業及其他金融機構的存款。

2.23 或然負債及或然資產

或然資產指因為過往事件而可能產生之資產，其存在將由一宗或多宗本集團所不能完全控制的不確定事件是否發生來確認。

或然負債是指由過往事件引起的可能責任，其存在將由一宗或多宗本集團所不能完全控制的不確定未來事件是否發生來確認，或是由過往事件而引致的現有責任，但由於不大可能導致用作償還責任之經濟利益資源的流出或不能足夠可靠地計量責任金額，故未有被確認。

或然資產不會被確認，但如很可能收到經濟利益時，會在財務報表附註中披露。若將會收到之經濟利益可被實質確定時，將確認為資產。

或然負債不會被確認為撥備，但會在財務報表附註中披露。如情況發生變化，使經濟利益的流出變得很有可能時，則會將其確認為撥備。

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2.24 Related parties

A party is considered to be related to the Group if:

(a) the party is a person or a close member of that person’s family and that person

(i) has control or joint control over the Group;

(ii) has significant influence over the Group; or

(iii) is a member of the key management personnel of the Group or the Group’s parent. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank and its holding companies, directly or indirectly, including any directors (whether executive or otherwise), executive committee members and senior management (as defined under the remuneration policy) of the Group.

(b) the party is an entity where any of the following conditions applies:

(i) The entity and the Group are members of the same group.

(ii) One entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity).

(iii) The entity and the Group are joint ventures of the same third party.

(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.

(v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group.

(vi) The entity is controlled or jointly controlled by a person identified in (a).

(vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

(viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the Group’s parent.

Close members of the family of a person are those family members who may be expected to influence, or be influenced by that person in their dealings with the entity.


2.24 關連方

任何一方如屬以下情況，即視為本集團的關連方：

(a) 該一方為以下個人或其近親：

(i) 控制或共同控制本集團；

(ii) 對本集團行使重大影響力；或

(iii) 為本集團或本集團母公司主要管理層成員。主要管理層成員為該等擁有權力直接或間接並且負責計劃、指揮及控制本銀行及其控股公司業務之人士，包括任何董事（不論是執行董事或其他）、本集團執行委員會成員及高級管理層（定義見薪酬政策）。

(b) 該一方為下列任何條件適用的實體：

(i) 該實體與本集團為相同集團的成員公司。

(ii) 一個實體為另一實體（或另一實體的母公司、附屬公司或同系附屬公司）的聯營公司或合營企業。

(iii) 該實體與本集團為相同第三方的合營企業。

(iv) 一個實體為第三方實體的合營企業，而另一個實體為該第三方實體的聯營公司。

(v) 該實體為本集團或與本集團有關實體為僱員福利設立的退休福利計劃。

(vi) 該實體受(a)所指個人控制或共同控制。

(vii) (a)(i)所指個人對該實體行使重大影響力或為該實體（或該實體母公司）主要管理層成員中的其中一名成員。

(viii) 屬於向本集團或本集團母公司提供主要管理層成員服務的實體或組別內任何成員的一部分。

一名人士的近親為在與有關實體進行交易時預期將影響或被該人士影響的該等家族成員。

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2.25 Dividends

Final dividends proposed by the directors are classified as a separate allocation of retained earnings within the equity section of the statement of financial position, until they have been approved by the shareholders in a general meeting. When these dividends have been approved by the shareholders and declared, they are recognised as a liability.

Interim dividends are simultaneously proposed and declared, because the Bank’s memorandum and articles of association grant the directors the authority to declare interim dividends. Consequently, interim dividends are recognised immediately as a liability when they are proposed and declared.

2.26 Fiduciary activities

The Group commonly acts as trustees and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions. These assets and income arising thereon are excluded from these financial statements, as they are not assets of the Group.

3 CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

3.1 Credit loss

The Group reviews its portfolios to assess lifetime ECL credit impaired on a monthly basis. In determining whether a credit impaired lifetime ECL should be recorded in the income statement, the Group makes judgements as to whether there is any observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio before the decrease can be identified with an individual in that portfolio. This evidence may include observable data indicating that there has been an adverse change in the payment status of borrowers in a group, or in the national or local economic conditions that correlate with defaults on assets in the group of borrowers. Management uses estimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairment similar to those in the portfolio when scheduling its future cash flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience.


2.25 股息

董事擬派付之末期股息分類為財務狀況表權益部分中保留溢利之單獨分配，直至獲股東於股東大會上批准為止。該等股息於獲股東批准並獲宣派時確認為負債。

因本銀行組織章程大綱及章程細則授權董事宣派中期股息，中期股息於同一時間建議及宣派。因此，中期股息在建議及宣派時即時確認為負債。

2.26 受託人業務

本集團一般擔任受託人及其他受託人身份，導致代表個別人士、信託、退休福利計劃及其他機構持有或配售資產。由此產生之資產及收入因並非屬本集團所有而不計入該等財務報表。

3 關鍵會計估計及假設

本集團就影響下一財政年度所呈報之資產負債金額作出估計及假設。此等估計及判斷乃基於過往經驗及其他因素，包括在有關情況下對未來事件作出合理之預期。本集團將會對此等估計及判斷持續作出評估。

3.1 信用損失

本集團每月審閱其組合，以評估信貸不良的合約期內之預期信用損失。對於應否於收益表內列入信貸不良的合約期內之預期信用損失，本集團會判斷是否有可觀察資料，反映組合之預計未來現金流量有可計量之減值（在找出該組合導致該減值之個別貸款前）。此類證據包括有可觀察資料顯示某一組別之借款人之還款狀況出現逆轉，或出現與借款人組別之資產拖欠相關之國家或地區性經濟狀況。管理層就未來現金流量作出估計時，會基於信用風險特徵及客觀減值證據與有關組合內之資產相若之資產過往虧損經驗作出估計。用以估計未來現金流量之金額及時間的方法及假設定期進行檢討，以減少預期及實際虧損經驗之差別。

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3 CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS (continued)

3.2 Fair value of derivatives

The fair values of financial instruments that are not quoted in active markets are determined by using various valuation techniques according to the nature of the financial instruments. These include third party price quotation, a discounted cash flow and option pricing models. These models are built by reputable system suppliers and are widely used in the market. They are reviewed and calibrated by qualified personnel independent of the area that created them. Valuation outputs are generated from these systems using relevant current observable market parameters and are verified before they are used for financial reporting purposes.

3.3 Fair value of bank premises and properties

The fair value of the leasehold building is estimated based on the valuation made by an independent professionally qualified valuer on an open market basis.

3.4 Estimated impairment of goodwill

The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy. The recoverable amounts of cash-generating units have been determined based on the value-in-use calculations. These calculations require the use of estimates of discount rate and long-term growth rate.

3.5 Income taxes

The Group is subject to income taxes in numerous jurisdictions. Significant estimates are required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

3 關鍵會計估計及假設（續）

3.2 衍生工具的公平價值

本集團根據金融工具之性質採用多種估值技術釐定非活躍市場的金融工具的公平價值的報價。該等技術包括第三方報價、貼現現金流量法及期權定價模型。該等模型由知名系統供應者建立並廣泛獲市場應用。該等模型經獨立於建立此等模型之領域之合資格人士審閱及調整。此等系統使用相關現時可觀察市場參數得出估值結果，並於用作財務報告目的前先經核實。

3.3 銀行房產及物業之公平價值

租賃樓宇之公平價值根據由獨立專業合資格估值師以公開市場基準作出之估值進行估計。

3.4 估計商譽減值

本集團按會計政策每年測試是否存在任何商譽減值。現金產生單位之可收回金額已按使用價值基準計算。此等計算需要對貼現率及長遠增長率作出估計。

3.5 所得稅

本集團在多個司法權區均須繳納所得稅。釐定世界各地之所得稅撥備時需作出重大估計。於日常業務過程中進行之很多交易及計算之最終稅項無法確定。本集團按是否有應繳之額外稅項之估計，就預期之稅務審計事宜確認負債。如此等事宜之最終稅務結果有別於原先記錄之金額，該等差別將影響於進行釐定期間內的所得稅及遞延稅項撥備。

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4 FINANCIAL RISK MANAGEMENT

4.1 Overall risk management

Pursuant to the implementation of the New Capital Accord since January 2007, the Group has been practising sound risk management in congruence with the principles and requirements of the New Accord. Increased attention to corporate governance, Board oversight and a top-down approach permeated through the Group’s risk management structure, processes, policies and internal control. In particular, following the establishment of the Basel III framework which promotes the resilience of banks’ liquidity risk profile, the Group has been sufficiently upgrading its liquidity risk management standards. For its business plan and activities, the Group identifies, assesses, monitors, controls, reports and reviews the major risks to ensure capital adequacy, compliance with regulatory guidelines, and adherence to the Board’s risk appetite, including during times of stress.

Risk management structure and principlesThe Group has established policies and procedures for the identification, measurement, control and monitoring of risk factors (including credit, liquidity, market, interest rate, operational, reputation, strategic, legal and compliance risks). Central to the Group’s risk management is the Board’s oversight, which ultimately endorses all core risk management policies and their subsequent amendments. Two Risk Management Committees, one at Board level and the other at senior executive level, reinforce the Board and management’s oversight in the risk management structure, process and policies. The management of the Group, the relevant functional committees and the Risk Management Department review and revise these policies and procedures on a regular basis. The Group’s Internal Audit Department also performs regular independent review on compliance with policies and procedures.

Launch of new products and servicesThe launch of new banking products and services has to go through the essential steps of a development and approval process to ensure their commercial viability, ethical suitability and statutory compliance. The Product Development and Management Department or other relevant business unit is responsible to prepare a proposal for any new product or service to the New Product & Business Committee (chaired by a Deputy Chief Executive of the Bank) for approval. The main objective of the process is to identify and assess the risks associated with the product, and to implement steps to mitigate or control these risks.

In accordance with New Basel Accord, the Group adopts the following approaches for its credit, market and operational risk exposure in the calculation of its capital adequacy ratio (“CAR”):

Credit risk – Standardized approachMarket risk – Standardized approachOperational risk – Basic indicator approach

4 財務風險管理

4.1 整體風險管理

由於新資本協定自二零零七年一月起施行，本集團在與新協定之原則及規定一致方面實施穩健的風險管理。董事會加強對企業管治的關注，負責監管及在本集團之風險管理架構、流程、政策及內部監控採取由上而下的策略。特別是，於建立促進銀行流動性風險概況靈活性之巴塞爾資本協定三框架後，本集團已大大提升其流動性風險管理標準。至於其業務計劃及活動，本集團確定、評估、監察、控制、報告及審閱有關主要風險，以確保資本充足、符合監管指引和董事會之承受風險水平（包括壓力時期）。

風險管理架構及原則本集團已制定關於識辨、衡量、控制及監察風險因素（包括信用、流動資金、市場、利率、業務操作、聲譽、策略、法律及合規風險）之政策及程序。本集團風險管理的核心為董事會監管，而董事會負責審批所有核心風險管理政策以及日後之修訂。兩個風險管理委員會（一個屬董事會層面，而另一個屬高級管理人員層面）幫助董事會及管理層加強監管風險管理架構、流程及政策。本集團管理層、相關功能委員會及風險管理部門定期檢討和修訂該等政策及程序。本集團之審計部亦會對遵守政策及程序的情況定期進行獨立檢討。

推出新產品及服務推出新銀行產品及服務須透過開發及批准程序等所需步驟進行，以確保其商業可行性、操守適用性及法定合規。產品開發及管理部門或其他相關業務部門負責就任何新產品或服務向新產品及業務委員會（由本銀行一名副行政總裁擔任主席）提呈建議以供其批准。該流程之主要目的在於確認及評估與產品有關之風險，以及採取措施以消除或控制這些風險。

根據新巴塞爾協定，本集團就於計算其資本充足比率時面臨之信用、市場及業務操作風險採納以下計算法：

信用風險－標準計算法市場風險－標準計算法業務操作風險－基本指標計算法

163




4 財務風險管理（續）

4.1 整體風險管理（續）

推出新產品及服務（續）

Man

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風險承受能力、風險

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關其完整性、可靠性

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控、企業管治、資本

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督、盈利預期規範

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3 專責委員會

各專責委員會具備不

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將監察所有類別風險，包括流動性風險、法律及合規風險、聲譽風險及利率風險等

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4 FINANCIAL RISK MANAGEMENT (continued)

4.1 Overall risk management (continued)

Launch of new products and services (continued)

164




4.2 Credit risk

Credit risk is the risk that a borrower or counterparty of the Group will be unable or unwilling to honour a repayment obligation. The Group has standards, policies and procedures and designated functional departments in place to control and monitor these risks.

The Group devotes considerable resources to maintaining sound credit risk management. Management has set credit policies and systems to identify, measure, monitor and control risks inherent in various lending businesses. This process ensures prudence, minimises operational omissions in credit matters, and aims at early detection of potential problems, thereby minimising business loss.

High-level credit policies of the Group are set, reviewed and constantly updated by the relevant functional departments and committees, and for prominent issues, by the management or even the Board to take balanced account of dynamic market situations, regulatory requirements, the Group’s usual prudent lending practices and its latest business strategies. All these credit policies, processes and practices, as they are developed, updated, reviewed and revised, are written from time to time into Credit Manuals and supplementary lending product manuals for internal control and compliance purposes. Given the Bank’s privatisation in late 2010 and its subsequently more intimate alignment with the policies and risk appetite of ICBC (the “Parent Bank”), the Bank’s credit risk management have been increasingly taking into account the Parent Bank’s credit process, policies and information. This is with an ultimate goal to fit constructively into the Parent Bank’s unified and consolidated credit risk policy.

Credit authorities are delegated to individual approvers for efficiency and productivity purposes. Except for taxi/public light bus loans, and consumer loans with small amount, no business originating units can singly approve any loan. Loans approved by business originating units are subject to approval criteria pre-set by the Credit Function or Credit Committee. Otherwise, the Group requires a “dual” approval whereby loan proposals shall require joint approval by the Business Line and Credit Function. The Bank’s Credit Committee, which deliberates all credit policies and large loans, within its credit authority approved by the Parent Bank, shall not pass any credit-related proposal if its Credit Function approvers disagree. Only the sizable loan proposals deliberated by the Credit Committee would be submitted to final approver for signature if and where it is needed.


4.2 信用風險

信用風險乃指本集團之借款人或交易對手方未能或不願意履行其還款責任之風險。本集團已制訂多項標準、政策及程序，並設立指定職能部門控制及監察有關風險。

本集團投入大量資源以維持健全之信用風險管理。管理層編製各項信貸政策及系統以識辨、衡量及監控各項信貸業務所潛藏之風險。該過程確保本集團對信貸保持審慎態度，盡量降低信貸事項之業務操作疏漏，以及及早發現潛在問題，進而使業務損失降至最低。

本集團高層次之信貸政策方針，由相關功能部門及委員會負責制定、檢討及定期更新，至於重大問題則由管理層甚至董事會權衡市場變化情況及監管規定，再配合日常慎重審批做法及最新業務部署等因素，加以制定、檢討及定期更新。所有該等信貸政策、程序及慣例（隨著不斷改進、更新、審核及修訂）被列入信貸審批政策及補充借貸產品手冊以供內部控制及合規之用。鑑於本銀行於二零一零年底私有化以及其後與中國工商銀行（「母行」）的政策和風險承受能力更為貼近，本銀行之信用風險管理已愈加考慮母行的信貸程序、政策和信息，期望最終將可有建設地融入母行的統一而整合的信用風險政策。

信貸授權乃授予個別批核人，以維持效率及生產力。除的士╱輕型公共巴士貸款以及小額消費貸款外，概無任何前台業務部門可單獨審批任何貸款。至於前台部門可以批核的貸款，須受到信貸部門或信貸委員會所預先制定的審批條件和標準所約束。否則，本集團將要求「雙重」審批程序，據此，貸款建議書須得到前台業務部門及信貸部門之共同審批。本銀行之信貸委員會（審批所有信貸政策及大額貸款）在母行批准的信貸授權內概不會通過任何信貸部門審批人員不同意之貸款建議書。只有已獲信貸委員會審批之大額貸款建議書，才會於有需要時呈交最終審批人員簽出。

165





4.2 Credit risk (continued)

T h e C r e d i t A p p r o v a l D e p a r t m e n t ( C A D ) a n d t h e L o a n s Administration Department (LAD) are the centralised departments in the Bank mandated to carry out credit assessment and credit administration respectively. They perform independent credit assessment, post-approval credit administration and other credit control functions to ensure that the credit process complies with credit policies and guidelines laid down by the management. Apart from the independent credit assessment and matrix approval process, regular post-approval inspection by the Credit and Investment Management Department (CMD) and audits are conducted on specific loan portfolios or operating units in the credit process. To maintain their independence, the Credit Approval Department, Loans Administration Department and Credit and Investment Management Department of the Bank have direct reporting lines to a Deputy Chief Executive who is independent of business. The same control, supplemented by system support and regular mark-to-market by the Risk Management Department, also applies to the counterparty credit risk of all derivative products.

The Group employs RAROC techniques to help ensure that its loan assets are commensurately priced on a credit risk-adjusted basis according to Basel Internal Rating principles.

Management spares no efforts in monitoring the quality and behavior of the loan portfolio. The Group’s internal credit r isk grading system consist ing of 21 grades bui l t on Basel Internal Rating–Compliant Attributes is adopted for credit risk differentiation purposes. With internal data to be constantly enriched through years of experience, it is expected that the Group can make further use of the credit statistics to profile and track down credit risk migration, to measure loan default probabilities and to practise other credit risk management processes, of which the new credit rating model is and will substantially be an integral part.

The Group’s credit risk appetite is spelt out, disseminated and referred to in daily credit decisions. The purpose is to limit the range of credit proposals presented in the credit approval process to those that fit the Group’s risk appetite developed out of the Group’s past experience, the Board’s preference and risk/reward evaluation.


4.2 信用風險（續）

信貸審批部及放款管理部乃集中本銀行授權分別執行信貸評估及信貸管理之部門。該等部門亦提供獨立信貸評估、貸後信貸管理及其他信貸監控等功能，務求信貸過程符合管理層制訂之信貸政策及指引。除獨立信貸評估及分層審批過程外，信貸及投資管理部及稽核亦於貸款過程中就特定貸款組合或營運單位進行定期貸後考查。為了保持獨立性，本銀行之信貸審批部、放款管理部，以及信貸及投資管理部直接向非主管業務之副行政總裁作出匯報。相同的控制，輔之以系統支援，並由風險管理部定期按市值訂價，亦適用於所有衍生工具產品的交易對手的信用風險。

本集團採用RAROC技術以確保其貸款資產乃相當於根據巴塞爾內部評級原則按信用風險調整基準所定價。

管理層竭盡所能，致力監控貸款組合之質量及表現。本集團之內部信用風險評級制度由21級組成，乃基於巴塞爾內部評級要求而制定，以區別信用風險。經過多年內部數據累積後，預期本集團將可更進一步利用信貸統計數據，捕捉並剖析信用風險流向，計算拖欠還款之機會率，及實施其他信用風險管理程序（而新信貸評級模型為及將為其主要部分）。

本集團的信用風險承受能力乃於日常信貸決定中詳細闡明、載列及提述，旨在將信貸批准程序中所列之信貸建議範疇限制在本集團基於其以往經驗、董事會之優先評估及風險╱回報評估而得出的與本集團之風險承受能力相稱的水平。

166





The Bank is vigilant about risk concentration and has therefore been practising credit risk exposure limits to individual customers in absolute amount and as a percentage of the Bank’s equity, to industry sectors and to geographical markets.

The Group’s quarterly credit guidelines and loan portfolio review have been implemented for years. In economic bad times, it is basic to the mechanism for initiating pre-emptive measures to help stabilise the quality of the Group’s loan asset portfolio. These have by now been supplemented by the Parent Bank’s credit risk appetites, industry and common customer credit policies. The credit resources of the Parent Bank have been significantly useful to the Group in its loan business, in customer selection, screening, credit review and decision.

The Group attaches increasing importance to post-approval risk monitoring. This is performed by the Credit and Investment Management Department which reviews for potentially problematic borrowing accounts and performs group review of special mention accounts and customers in high risk portfolios. It is also performed by Business Line relationship managers and Credit Approval Department who identify and review Early Warning List customers.

(a) Maximum exposure to credit risk before collateral held or other credit enhancements


HK$’000 HK$’000

有關資產負債表內之信用風險計有：

Credit risk exposures relating to on-balance sheet assets are as follows:

現金及在銀行同業與其他金融機構之結餘

Cash and balances with banks and other financial institutions 151,374,532 160,925,901

在銀行同業及其他金融機構之存款及貸款

Placements with and advances to banks and other financial institutions 74,217,313 78,670,984

以公平價值經損益表入賬金融資產

Financial assets at fair value through profit or loss525,689 731,157

衍生金融工具 Derivative financial instruments 9,144,877 15,394,138貸款及其他賬項 Advances and other accounts 475,789,393 459,830,199備供銷售金融投資 Available-for-sale financial investments – 77,623,934以公平價值經其他全面收益入賬金融投資

Financial investments measured at fair value through other comprehensive income 101,065,910 –

持有至到期金融投資 Held-to-maturity financial investments – 95,184,634以攤銷成本入賬金融投資 Financial investments measured at amortised cost 66,214,809 –其他資產 Other assets 12,378,929 6,976,029

有關資產負債表以外之信用風險計有：

Credit risk exposures relating to off-balance sheet items are as follows:

貸款承諾及其他信貸相關承諾 Loan commitments and other credit related commitments 216,915,331 233,727,162財務擔保及其他信貸相關或然負債 Financial guarantees and other credit related

contingent liabilities 20,572,950 24,421,396

於報告期結束時 At the end of the reporting period 1,128,199,733 1,153,485,534



本銀行對風險集中非常警覺，因此，對個人客戶實行全額信用風險限制，並按本銀行權益比例，對行業及地區市場實行限制。

本集團多年來一直有實行季度信貸指引及貸款組合檢討。遇上經濟不景氣，該機制會啟動風險防控措施，以幫助穩定本集團貸款資產組合之質素。現在更加上母行的信用風險承受能力、行業及普遍的客戶信貸政策作輔補。母行的信貸資源對本集團的貸款業務有明顯助益，不論是客戶挑選、篩選、信貸審閱及決策亦然。

本集團對貸後風險管理愈加重視。信貸及投資管理部檢閱客戶，抽出潛在風險客戶，也對關注類客戶和處身高風險組別的客戶作出排查。而前綫客戶經理和信貸審批部亦會識別及檢視有早期警號的客戶。

(a) 於持有抵押品或其他信貸加強措施前之最大信用風險

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(b) Credit qualityGross loans and advancesThe credit quality of the portfolio of loans and advances at the end of the reporting periods can be assessed by reference to the internal rating system adopted by the Group.

The Credit Function and Credit Committee decide an individual borrower’s credit rating. Credit rating is a function of quantitative and management attributes that include economic outlook, account conduct and industry risk. The Group has a different rating scale for large corporates and SMEs. The external ratings of S&P, Moody’s and Fitch will be referenced, if available.

The following table gives a mapping of the internal rating of the portfolio of loans and advances that were neither past due nor impaired to the loan classification framework adopted by the HKMA.

Pass Grades A to JSpecial Mention Grades K to L

Grades A – J: Loans where borrowers are currently meeting commitment and full repayment of interest and principal is not in doubt. There are 10 grades within the performing category from A to J.

Grades K – L: All pass grade borrowers which have overdue loans for a period exceeding one month are downgraded to special mention rating or below, unless with strong justification irrespective of the internal ratings. Borrowers exhibiting one or more of the characteristics per the HKMA’s special mention or non-performing grades definition or as the general economic environment deteriorates, may also be graded K & L, notwithstanding the absence of overdue loan or default record. This is a stringent credit rating approach to raise the Group’s credit risk alertness.



(b) 信貸質素貸款及其他賬項總額於報告期結束時貸款及其他賬項組合之信貸質素可參照本集團所採納之內部評級系統進行評估。

信貸部門與信貸委員會決定個別借款人之信貸評級。信貸評級為定量及管理屬性之函數，該等屬性包括經濟前景、往來記錄及行業風險。本集團就大型公司及中小企業設置不同評級基礎。標準普爾、穆迪及惠譽等外界評級將在可用情況下作為參考。

下表呈列並無逾期亦無減值的貸款及其他賬項組合的內部評級與香港金融管理局採用的貸款分類架構的配對。

正常級別 A至J關注級別 K至L

A至J級：借款人目前在應付承諾及悉數償還利息及本金方面沒有問題之貸款。執行類別分為A至J共10個級別。

K至L級：貸款逾期期間超過一個月之所有正常級別借款人須調低至關注級別或以下，除非有很強理據才可不按此要求。其餘符合香港金融管理局關注級別或不良貸款級別定義一個或超過一個特徵的借款人或因為一般經濟環境惡化，儘管沒有逾期還款或違約紀錄，都有可能被調降至K及L級。這是較嚴謹的評級做法，在於提高本集團的信用風險警覺。

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(b) Credit quality (continued)Gross loans and advances (continued)Loans and advances individually impairedThe Group has a policy to govern customers downgraded to the NPL grades when their unsecured loans are overdue over 90 days. It is very seldom that a borrower with an unsecured loan outstanding due for over 90 days would be retained in performing loan instead of impaired. Impaired borrowing accounts are typically transferred to management by the Special Assets Department, so that the prospect and means of recovery can be more independently evaluated, decided and implemented. The Special Assets Section under Credit and Investment Management Department may not take any immediate recovery action. It may even help in circumstances where the customer in question is deemed to be able to be rehabilitated and the collateral is important to the customer’s continued business operation. The Group may at times join or seek agreement with other creditor banks to stand still in concert. Otherwise, the Group will take appropriate measures to preserve the customer’s assets, to maximise recovery and to quickly realise property collateral in a timely manner either by private sale or by public auction at prices that are in acceptable proximity to the average of several external valuations.

The Group adopts an objective individual impairment policy in compliance with the requirement of HKFRS 9 (2017:HKAS39). Impairment requirement, i f any, can always be traceable back to reasonably expected discounted repayment cash flows and/or the assessed net realisable value of the collateral.

Renegotiated loans that would otherwise be past due or impairedR e s t r u c t u r i n g a c t i v i t i e s i n c l u d e e x t e n d e d p a y m e n t arrangements , approved external management plans, m o d i f i c a t i o n a n d d e f e r r a l o f p a y m e n t s . F o l l o w i n g restructuring, a previously overdue customer account is reset to a normal status and managed together with other similar restructured debts by the Special Assets Section under Credit and Investment Management Department. Restructuring policies and practices are based on indicators or criteria which, in the judgement of management, indicate that payment will most likely continue. These policies are kept under continual review. Renegotiated loans that would otherwise be past due or impaired totalled HK$239 million as at 31 December 2018 (2017: HK$582 million). They are retained in non-performing loans as long as there is no sufficiently good reason to believe that the obligor will be able to sustainably meet the re-scheduled loan repayment terms.



(b) 信貸質素（續）貸款及其他賬項總額（續）個別已減值之貸款及其他賬項本集團已有制定政策，監督將無抵押貸款已逾期超過90日之客戶調低至不良貸款級別。無抵押貸款已逾期90日以上之借款人仍保留在正常級別，而不是在已減值當中的非常少。已減值借貸賬項一般轉至由特殊資產部管理，以便收回之前景及方式能夠更加獨立地予以評估、決定及實施。信貸及投資管理部下的特殊資產部可能並不即時採取任何收回行動。倘認為有關之客戶能夠重振業務，而又或者該客戶之持續營運是需要這些抵押品輔助，本集團更可能幫助他們。本集團有時會加入其他債權人銀行或尋求與彼等達成協議，以採取一致立場。否則，本集團將採取適當措施，以保護客戶之資產、盡量收回，並且及時快速透過私人出售或公開拍賣以接近外界估值之平均值之價格變現物業抵押品。

本集團採納一項客觀個別減值政策以符合《香港財務報告準則》第9號（2017：《香港會計準則》第39號）之規定。減值規定（如有）可一直追溯至合理預期已貼現償還現金流量及╱或經評估之抵押品可變現淨值。

本來會變成逾期或減值之重組貸款

重組活動包括已延期之付款安排、經批准之外界管理計劃、修訂及延期付款。於重組後，先前逾期客戶賬項乃重新設定為沒有逾期並連同其他類似經重組債項由信貸及投資管理部下的特殊資產部管理。重組政策及安排乃由管理層根據已定指標判斷，認為還款可以自此持續作出。此等政策持續予以檢討。於二零一八年十二月三十一日，本來會變成逾期或減值之重組貸款共計為2億3千9百萬港元（二零一七年：5億8千2百萬港元）。該等貸款保留在不良貸款直至本銀行有充足理由相信債務人將可滿足重組貸款之償還條款。

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(b) Credit quality (continued)Gross loans and advances (continued)

第一階段第二階段第三階段Stage 1 Stage 2 Stage 3 2018 2017

信貸評級內部評級千港元千港元千港元千港元千港元Credit rating Internal rating HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

正常級別 Pass grade A-E 135,790,250 11,708,930 – 147,499,180 114,179,679F-H 189,691,709 10,302,530 – 199,994,239 212,912,953I-J 90,759,458 22,209,342 – 112,968,800 129,321,106

關注級別 Special mention grade K-L 1,724,760 13,771,172 – 15,495,932 3,421,737次級、可疑、虧損級別 Substandard, Doubtful,

Loss grade M-O – – 3,895,829 3,895,829 3,063,807

總計 Total 417,966,177 57,991,974 3,895,829 479,853,980 462,899,282

The following table sets out information about the overdue status of loans and in Stages 1, 2 and 3.

第一階段第二階段第三階段Stage 1 Stage 2 Stage 3 2018 2017千港元千港元千港元千港元千港元

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

即期 Current 417,818,142 57,209,683 254,243 475,282,068 462,080,606逾期不超過30日 Past due up to 30 days 147,389 52,797 4,387 204,573 763,114逾期31-60日 Past due 31-60 days 646 482,501 146,694 629,841 37,789逾期61-90日 Past due 61-90 days – 246,993 43,468 290,461 1,402逾期90日以上 Past due over 90 days – – 3,447,037 3,447,037 16,371

總計 Total 417,966,177 57,991,974 3,895,829 479,853,980 462,899,282

Other than gross loans and advances, no financial assets were past due but not impaired at the end of the reporting periods of 2018 & 2017.



(b) 信貸質素（續）貸款及其他賬項總額（續）

下表載列有關貸款於第一、二及三階段逾期狀態的資料。

除貸款及其他賬項總額外，於二零一八年及二零一七年之報告期結束時，並無任何金融資產為已逾期但未減值。

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(b) Credit quality (continued)Debt and equity securitiesThe table below presents an analysis of financial investments by rating agency designation at 31 December, based on S&P’s ratings or their equivalent to the respective categories of financial investments. In the absence of such issue ratings, the rating scale adopted by the issuers is used.

Financial assets at fair value through profit or loss

2018總計

Total

2017總計Total

千港元千港元二零一八年 2018 HK$’000 HK$’000

AAA AAA – –AA-至AA+ AA- to AA+ – –A-至A+ A- to A+ – –低於A- Lower than A- – –未評級 Unrated 525,689 731,157

總計 Total 525,689 731,157



(b) 信貸質素（續）債券及權益證券下表列示於十二月三十一日按評級機構指定劃分之金融投資分析，乃根據標準普爾之評級或彼等相當於各自之金融投資類別進行。在沒有該等發行評級之情況下，則採用有關發行人採納之評級等級。


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(b) Credit quality (continued)Debt and equity securities (continued)Financial investments measured at fair value through other comprehensive income (2017: Available-for-sale financial investment)

2018 2017第一階段第二階段第三階段總計總計

Stage 1 Stage 2 Stage 3 Total Total千港元千港元千港元千港元千港元

二零一八年 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

AAA AAA 12,040,602 – – 12,040,602 8,732,734AA-至AA+ AA- to AA+ 7,886,070 – – 7,886,070 9,157,850A-至A+ A- to A+ 46,971,695 – – 46,971,695 35,988,529低於A- Lower than A- 18,314,191 805,980 – 19,120,171 14,538,529未評級 Unrated 14,976,104 71,268 – 15,047,372 9,206,292

總計 Total 100,188,662 877,248 – 101,065,910 77,623,934

Financial investments measured at amortized cost (2017: Held-to-maturity financial investment)

2018 2017第一階段第二階段第三階段總計總計

Stage 1 Stage 2 Stage 3 Total Total千港元千港元千港元千港元千港元

二零一八年 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

AAA AAA 9,612,159 – – 9,612,159 11,536,555AA-至AA+ AA- to AA+ 20,391,326 – – 20,391,326 24,820,364A-至A+ A- to A+ 17,134,123 – – 17,134,123 38,060,000低於A- Lower than A– 3,814,578 109,032 – 3,923,610 9,007,553未評級 Unrated 14,708,486 445,105 – 15,153,591 11,760,162

總計 Total 65,660,672 554,137 – 66,214,809 95,184,634



(b) 信貸質素（續）債券及權益證券（續）以公平價值經其他全面收益入賬金融投資（二零一七年：備供銷售金融投資）

以攤銷成本入賬金融投資（二零一七年：持有至到期金融投資）

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(b) Credit quality (continued)Debt and equity securities (continued)Investment portfolioAs at 31 December 2018, the Group’s debt securities portfolio amounted to HK$162.9 bill ion, a 6% decrease over the HK$172.6 billion as at 31 December 2017. HK$43 billion or 26% of the portfolio will mature in 2019. The majority of the portfolio is denominated in USD, HKD and CNY whereas the rest are in other currencies, such as AUD and EUR. 59% of the portfolio is kept in the measured at FVTOCI book category, 70% of the portfolio falls within the investment grade category. The Group’s debt securities portfolio operates under a strict and prudent risk management framework and is in compliance with all pre-determined internal investment guidelines, which are reviewed and approved annually by the Credit Committee and ALCO.

(c) DerivativesThe Group maintains strict control limits on open derivative positions. At any one time, the amount subject to credit risk is limited to the current fair value of instruments that are favourable to the Group (i.e., assets where their fair values are positive), which is only a small fraction of the contracts in relation to derivatives, or is not limited to the notional values used to express the volume of instruments outstanding. This credit risk exposure is managed as part of the overall lending limits with counterparties on nominal amounts. Collateral or other security is obtained for credit risk exposures either in the form of margin deposits or when the accrued marked-to-market loss exceeds a pre-determined threshold.

(d) Master netting arrangementsThe Group further restricts its exposure to credit risk by entering into master netting arrangements with counterparties with which it undertakes a significant volume of transactions. Master netting arrangements do not generally result in an offset of assets and liabilities in the statement of financial position, as transactions are usually settled on a gross basis. However, the credit risk is reduced by a master netting arrangement to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis.



(b) 信貸質素（續）債券及權益證券（續）投資組合於二零一八年十二月三十一日，本集團之債券組合為1,629億港元，較二零一七年十二月三十一日之1,726億港元減少6%，其中430億港元或組合之26%將於二零一九年到期。組合之大部分以美元、港元及人民幣計值，而其餘以澳元及歐元等其他貨幣計值。該組合總額之59%於以公平價值經其他全面收益入賬類別存置。該組合總額之70%屬於投資級別類別內。本集團之債券組合根據嚴格及審慎之風險管理框架經營，並符合所有預先釐定之內部投資指引，該等內部投資指引乃經由信貸委員會及資產負債管理委員會每年進行一次審批。

(c) 衍生工具本集團對未平倉衍生合約金額嚴格控制。於任何時間，承受信用風險之金額以有利於本集團之工具（即公平價值為正數之該等資產），以現行公平價值為上限，就衍生工具而言只佔合約之一個小部分，或不受未償還工具之名義價值限制。此信用風險是綜合於該交易對手按名義金額的整體放貸限額內一併管理。就信用風險所獲得之抵押品或其他抵押乃以保證金形式或按市價計值虧損超過預先釐定限額時獲得。

(d) 總淨額結算安排本集團與進行大量交易的交易對方訂立總淨額結算安排，藉此進一步減少信用風險。總淨額結算安排不一定會導致財務狀況表上資產及債務的對銷，原因是交易通常按總額結算。然而，有關之信用風險會藉著總淨額結算安排降低，於拖欠發生時，便可以停止與對方交收或按淨額結算。

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(e) Credit-related commitmentsThe primary purpose of these instruments is to ensure that funds are available to a customer to settle his obligations as required. Guarantees and standby letters of credit which represent irrevocable assurances that the Group will make payments in the event that a customer cannot meet its obligations to third parties carry the same credit risk as loans. Documentary and commercial letters of credit which are written undertakings by the Group on behalf of a customer authorising a third party to draw drafts on the Group up to a stipulated amount under specific terms and conditions are collateralised by the underlying shipments of goods to which they relate and therefore carry less risk than direct lending.

Commitments to extend credit represent unused portions of authorisations to extend credit in the form of loans, guarantees or letters of credit. With respect to credit risk on commitments to extend credit, the Group is potentially exposed to loss in an amount equal to the total unused commitments.

However, even in the worst scenario, loss is likely to be less than the total unused commitments, as most commitments to extend credit are contingent upon customers maintaining specific credit standards. The Group monitors the term to maturity of credit commitments because longer-term commitments generally have a greater degree of credit risk than shorter-term commitments.

(f) Collateral and other credit enhancementsThe Group holds collateral against loans and advances to customers in the forms of mortgages over property, other registered securities over assets, cash deposits and guarantees. Collateral generally is not held over loans and advances to banks, except when securities are held as part of reverse repurchase and securities borrowing activity. Collateral held as security for financial assets other than loans and advances is determined by the nature of the instrument.

(g) Credit risk stress testIn accordance with the HKMA’s supervisory policy manual, the Group runs the credit risk stress test periodically in estimation of the probable credit loss in mild, moderate and severe crisis scenarios. The Group performs the credit risk stress test on the basis of the empirical data gathered during the Asian financial crisis spanning 1998 and 2004 (including the 2003 SARS epidemic and the 2008 financial tsunami). The Senior Executive Risk Management Committee reviews the stress test, its parameters and their impact on the Group’s regulatory capital adequacy ratio. Contingency measures will be devised to control possible adversities, if deemed necessary.



(e) 信貸相關承諾該等工具之主要目的是確保客戶有足夠資金應付其債務。擔保及備用信用證乃本集團所作出不能撤回的保證，確認本集團將會在客戶未能向第三方履行責任時作出償付，而該等工具帶有與貸款相同之信用風險。跟單及商業信用證為本集團書面承諾代表客戶授權第三方按訂明之條款及條件向本集團提取某一訂明金額之款項，這些付款承諾乃以相關之付運貨物作為抵押，因此較直接借貸之風險為低。

發出信貸之承諾代表以貸款、擔保書及信用證等形式確認已批核信貸之未動用部分。有關所發出信貸承諾之信用風險，本集團面對之潛在損失風險應相當於未動用承諾之總額。

然而，即使在最壞的情況下，因為客戶大多還是未能滿足一些特定信貸要求，實際需支付之金額往往少於未動用承諾的總金額。本集團會控制信貸承諾之時間長短，因較長年期之承諾一般較短期承諾存在較大程度的信用風險。

(f) 抵押品及其他改善信貸條件本集團以物業按揭、其他以資產設立的已登記扺押、現金存款及擔保書之形式持有客戶貸款及其他賬項之抵押品。銀行同業貸款及其他賬項通常沒有抵押品，除非證券作為回購及證券借貸活動之一部分持有。至於因應貸款及其他賬項以外的金融資產而持有之抵押品則取決於該工具之性質。

(g) 信用風險壓力測試根據香港金融管理局監管政策手冊，本集團定期在估計輕微、溫和及嚴重危機情況之可能信貸損失方面，進行信用風險壓力測試。本集團根據一九九八年至二零零四年之亞洲金融危機期間（包括二零零三年沙士疫症及二零零八年金融海嘯）內蒐集之經驗數據進行信用風險壓力測試。高級管理層風險管理委員會審閱壓力測試、其參數及彼等對本集團監管資本充足比率之影響。如認為有必要，將採取臨時措施以控制可能的不利情況。

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(g) Credit risk stress test (continued)The following table summarises the result of the Group’s latest credit risk stress tests.



危機情況 Crisis scenario31 December

201831 December

2017

輕微不履約貸款級別（百萬港元） Mild Non-performing loans (“NPL”) (HK$’ million) 7,774 7,568

不履約貸款級別比率(%) NPL ratio (%) 2.16% 2.19%

預期信用損失（百萬港元） Expected credit loss (HK$’ million) 6,201 5,729

溫和不履約貸款級別（百萬港元） Moderate NPL (HK$’ million) 10,434 10,105



嚴重不履約貸款級別（百萬港元） Severe NPL (HK$’ million) 12,927 12,475



All the above credit risk reports are reviewed quarterly by the Senior Executive Risk Management Committee. Warning signals or policy deviations, if any, will be investigated, discussed, rectified or dealt with, and, if necessary, be reported to the Board in due course for information, instruction or approval.



(g) 信用風險壓力測試（續）下表概述本集團之最近期信用風險壓力測試之結果。

所有上述信用風險報告每季度由高級管理層風險管理委員會進行審閱。警告信號或政策偏離（如有）將予以調查、討論、調整或處理，及如有必要會於適當時候向董事會匯報以獲取有關資料、指示或批准。

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(h) Comparative information under HKAS39Gross loans and advances(i) Distribution of gross loans and advances by credit

quality is summarised as follows:

2017千港元

HK$’000

客戶及其他賬目之貸款及其他賬項總額： Gross loans and advances to customers and other accounts:－既未逾期亦未減值 – neither past due nor impaired 457,244,802－已逾期但未減值 – past due but not impaired 818,676－已減值 – impaired 3,063,807

銀行同業之貸款及其他賬項總額： Gross loans and advances to banks:－既未逾期亦未減值 – neither past due nor impaired 1,771,997－已逾期但未減值 – past due but not impaired –－已減值 – impaired –

客戶、銀行同業及其他賬目之貸款及其他賬款總額

Gross loans and advances to customers, banks and other accounts462,899,282

應計利息 Accrued interest 1,328,277

464,227,559

減：減值撥備 Less: Impairment allowances －個別評估 – Individually assessed (2,107,891) －組別評估 – Collectively assessed (2,289,469)

459,830,199

(ii) Distribution of gross loans and advances that are neither past due nor impaired


信貸評級Credit rating

內部評級Internal rating

31 December 2017

正常級別 Pass grade A-E 113,361,003F-H 212,912,953I-J 129,321,106

關注級別 Special mention grade K-L 3,421,737

總計 Total 459,016,799



(h) 《香港會計準則》第39號下的比較資料貸款及其他賬項總額(i) 按信貸質素分類之貸款及其他賬項

總額概述如下：

(ii) 既未逾期亦未減值之貸款及其他賬項總額分類

176





(h) Comparative information under HKAS39(continued)

Gross loans and advances (continued)

(iii) Gross loans and advances which were past due but not impairedThe analysis below shows the gross loans and advances to customers and banks that were past due but not impaired at the end of the reporting periods:

2017千港元

HK$’000

逾期不超過30日 Past due up to 30 days 763,114逾期31-60日 Past due 31-60 days 37,789逾期61-90日 Past due 61-90 days 1,402逾期90日以上 Past due over 90 days 16,371

總計 Total 818,676

抵押品之公平價值 Fair value of collateral 730,469

Where collateral values are greater than gross loans and advances, only the amount of collateral up to the gross loans and advances was included.



(h) 《香港會計準則》第39號下的比較資料（續）貸款及其他賬項總額（續）

(iii) 已逾期但未減值之貸款及其他賬項總額以下分析列示於報告期結束時已逾期但未減值之客戶及銀行同業之貸款及其他賬項總額：

倘抵押品價值高於貸款及其他賬項總額，則僅計入最多不超過貸款及其他賬項總額之抵押品金額。

177






(h) Comparative information under HKAS39(continued)

Gross loans and advances (continued)(iv) Loan impairment allowances against advances to

customers and banks

個別評估Individual

assessment

組合評估Collective

assessment總額Total

千港元千港元千港元二零一七年 2017 HK$’000 HK$’000 HK$’000

貸款及其他賬項減值撥備變動： Movement in impairment allowances on loans and advances:

於二零一七年一月一日結餘 Balance at 1 Junuary 2017 1,828,704 1,972,715 3,801,419減值損失 Impairment losses 312,250 246,758 559,008撇銷不能收回之貸款 Loans written off as uncollectibles (37,759) – (37,759)確認為利息收入的貨款減值撥備貼現值撥回

Unwinding of discounts of loan impairment allowances recognised as interest income (26,498) – (26,498)

收回過往年度已撇銷貸款 Recoveries of loans written off in previous years 2,387 – 2,387匯兌及其他調整 Exchange and other adjustement 28,807 69,996 98,803

2,107,891 2,289,469 4,397,360

扣除自： Deducted from:客戶貸款 Advances to customers 2,107,891 2,257,832 4,365,723銀行同業貸款 Advances to banks – 6,139 6,139商業票據 Trade bills – 25,498 25,498

2,107,891 2,289,469 4,397,360

Financial Investment

Movement in provision for impairment allowances on financial investment:

二零一七年十二月三十一日31 Dec 2017

備供銷售Available-

for-sale

持有至到期Held-to-maturity

千港元千港元HK$’000 HK$’000

於二零一七年一月一日 At 1 January 2017 82,923 –年內（撥回）╱支銷淨額 Net (write-back)/charge for the year (4,363) (2,229)

於二零一七年十二月三十一日 At 31 December 2017 78,560 (2,229)



(h) 《香港會計準則》第39號下的比較資料（續）貸款及其他賬項總額（續）(iv) 客戶及銀行同業貸款之貨款減值撥

備

金融投資

金融投資減值撥備之變動：

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(i) Amounts arising from ECLSignificant increase in credit riskW h e n d e t e r m i n i n g w h e t h e r t h e r i s k o f d e f a u l t o n a financial instrument has increased significantly since initial recognition, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and expert credit assessment and including forward-looking information.

The objective of the assessment is to identify whether a significant increase in credit risk has occurred for an exposure by comparing:

– the remaining lifetime probability of default (PD) as at the reporting date; with

– the remaining lifetime PD for this point in time that was estimated at the time of initial recognition of the exposure (adjusted where relevant for changes in prepayment expectations).

The Group uses three criteria for determining whether there has been a significant increase in credit risk:

– quantitative test based on movement in PD;

– qualitative indicators; and

– a backstop of 30 days past due

Credit risk gradesThe Group allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of default and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of risk of default. These factors vary depending on the nature of the exposure and the type of borrower. Credit risk grades are defined and calibrated such that the risk of default occurring increases exponentially as the credit risk deteriorates so, for example, the difference in risk of default between credit risk grades 1 and 2 is smaller than the difference between credit risk grades 2 and 3.



(i) 產自預期信用損失之金額信用風險顯著增加本集團釐定一項金融工具自初始確認的違約風險是否顯著增加時，考慮合理及有理據支持且相關及不涉及不必要的成本或力度的可用資料。此包括定量及定性的資料及分析，乃建基於本集團過往經驗及專家信用評估及包括前瞻性資料。

評估的目的為確定信用風險是否顯著增加，方法為比較以下項目：

－於報告日期就餘下合約期違約的機率；及

－於估計初始確認風險時就餘下合約期違約的機率（根據預期預付變動而作出相應調整）。

本集團釐定信用風險是否顯著增加時，使用三項準則：

－基於違約機率變動的定量測試；

－定性指標；及

－逾期30日的上限

信用風險級別本集團將各風險分類作一信用風險級別，基準是被釐定為對違約風險有預測性的多項數據，並應用信貸的經驗判斷。信用風險級別以定性及定量的因素定義，能夠顯示違約風險。該等因素視乎風險的性質及借款人種類而有所不同。信用風險級別的定義及校訂，使一旦信用風險惡化違約風險會呈指數增長，例如信用風險級別1及2之間的違約風險差距比信用風險級別2及3之間的差距為小。

179






(i) Amounts arising from ECL (continued)Credit risk grades (continued)Each exposure is allocated to a credit risk grade on initial recognition based on available information about the borrower. Exposures are subject to ongoing monitoring, which may result in an exposure being moved to a different credit risk grade.

The table below provides an indicative mapping of how the Group’s internal credit risk grades relate to PD and, for the loan portfolio (include the impact of contractual maturity date).

12個月加權平均違約機率

信用評級Credit rating

內部評級Internal rating

12 month weighted average PD

正常級別 Pass grade A-E 0.65%F-H 0.96%I-J 0.70%

關注級別 Special mention grade K-L 22.46%

次級、可疑、虧損級別 Substandard, Doubtful, Loss grade M-O 100.00%

Generating the term structure of PDCredit risk grades are a primary input into the determination of the term structure of PD for exposures. The Group collects performance and default information about its credit risk exposures analysed by jurisdiction or region and by type of product and borrower as well as by credit risk grading. For some portfolios, information purchased from external credit reference agencies is also used. The Group employs statistical models to analyse the data collected and generate estimates of the remaining lifetime PD of exposures and how these are expected to change as a result of the passage of time.

Determining whether credit risk has increased significantlyThe Group assesses whether credit r isk has increased significantly since initial recognition at each reporting date. Determining whether an increase in credit risk is significant depends on the characteristics of the financial instrument and the borrower, and the geographical region. What is considered significant differs for different types of lending, in particular between wholesale and retail.

The credit risk may be deemed to have increased significantly since initial recognition based on qualitative factors linked to the Group’s credit risk management processes that may not otherwise be fully reflected in its quantitative analysis on a timely basis. This will be the case for exposures that meet certain heightened risk criteria, such as exposure on a watch list. Such qualitative factors are based on its expert judgment and relevant historical experiences.



(i) 產自預期信用損失之金額（續）信用風險級別（續）初始確認時，各風險獲分類作一信用風險級別，基準是有關借款人的可用資訊。風險會持續監察，可能導致其移至不同的信用風險級別。

下表顯示本集團就貸款組合的內部信用風險級別與違約機率的配對（包括合約到期日的影響）。

產生違約機率年期結構信用風險級別乃釐定風險的違約機率年期結構的主要輸入數據。本集團收集有關其信用風險的表現及違約資料，以司法權區或地區以及產品及借款人種類以及信用風險級別作出分析。就若干組合而言，亦會使用購自外界信用參考機構的資料。本集團使用統計學模型分析收集到的數據及估計風險的餘下合約期的違約機率及隨著時間過去預期會發生甚麼變化。

釐定信用風險是否顯著增加於各報告日期，本集團評估信用風險自初始確認以來是否顯著增加。釐定信用風險有否顯著增加視乎金融工具及借款人的特徵，以及地理因素。是否被認為顯著因不同種類借貸各異，特別是批發及零售。

信用風險或被認為自初始確認以來顯著增加，乃基於與本集團信用風險管理程序有連繫之定性因素，其未必能獲定量分析及時及全面反映。符合若干已提高風險準則的風險會出現此情況，例如觀察名單上的風險。該等定性因素乃基於專業判斷及相關過往經驗。

180





(i) Amounts arising from ECL (continued)Determining whether credit risk has increased significantly (continued)As a backstop, the Group considers that a significant increase in credit risk occurs no later than when an asset is more than 30 days past due. Days past due are determined by counting the number of days since the earliest elapsed due date in respect of which full payment has not been received. Due dates are determined without considering any grace period that might be available to the borrower.

If there is evidence that there is no longer a significant increase in credit risk relative to initial recognition, then the loss allowance on an instrument returns to being measured as 12-month ECL. Some qualitative indicators of an increase in credit risk, such as delinquency or forbearance, may be indicative of an increased risk of default that persists after the indicator itself has ceased to exist. In these cases, the Group determines a probation period during which the financial asset is required to demonstrate good behaviour to provide evidence that its credit risk has declined sufficiently. W h e n contractual terms of a loan have been modified, evidence that the criteria for recognising lifetime ECL are no longer met includes a history of up-to-date payment performance against the modified contractual terms.

The Group monitors the effectiveness of the criteria used to identify significant increases in credit risk by regular reviews to confirm that:

– the criteria are capable of identifying significant increases in credit risk before an exposure is in default;

– the criteria do not align with the point in time when an asset becomes 30 days past due;

– the average t ime between the identi f icat ion of a significant increase in credit risk and default appears reasonable;

– exposures are not generally transferred directly from 12-month ECL measurement to credit-impaired; and

– there is no unwarranted volatility in loss allowance from transfers between 12-month PD (Stage 1) and lifetime PD (Stage 2).



(i) 產自預期信用損失之金額（續）釐定信用風險是否顯著增加（續）

作為上限，本集團認為信用風險顯著增加於不遲於一項資產逾期超過30日即發生。逾期日數的釐定方法是未收到全數付款的最早逾期日起計之日數。釐定到期日時並不考慮任何可能給予借款人的寬限期。

倘有證據顯示相對於初始確認時信用風險已不再顯著增加，則一項工具的虧損撥備回復以12個月以內預期信用損失計量。若干顯示信用風險增加的定性指標（例如拖欠或延期償付）可能顯示於該指標消除後違約風險的增加依然存在。此等情況下，本集團釐定一試用期，期間有關金融資產需要表現良好，以提供證據證明其信用風險顯著下降。當一筆貸款的合約條款經修訂，顯示其不再符合合約期內之預期信用損失的確認準則的證據包括最新付款表現紀錄並參照經修訂的合約條款。

本集團監察用以確定信用風險顯著增加的準則是否有效，方法是定期檢討以確定：

－該準則於風險違約前已能夠確定信用風險顯著增加；

－該準則與一項資產逾期30日的時點不一致；

－確定信用風險顯著增加與違約之間的平均時間差合理；

－風險一般並非由12個月以內預期信用損失計量直接轉撥至信貸不良；及

－並無來自12個月違約機率（第一階段）與合約期違約機率（第二階段）之間轉撥產生的虧損撥備的不合理波動。

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(i) Amounts arising from ECL (continued)Definition of defaultThe Group considers a financial asset to be in default when:

– the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held);

– the borrower is more than 90 days past due on any material credit obligation to the Group. Overdrafts are considered as being past due once the customer has breached an advised limit or been advised of a limit smaller than the current amount outstanding; or

– i t i s becoming probab le tha t the borrower wi l l restructure the asset as a result of bankruptcy due to the borrower’s inability to pay its credit obligations.

In assessing whether a borrower is in default, the Group considers indicators that are:

– qualitative: e.g. breaches of covenant;

– quantitative: e.g. overdue status and non-payment on another obligation of the same issuer to the Group; and

– based on data developed internally and obtained from external sources.

Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances. The definition of default largely aligns with that applied by the Group for regulatory capital purposes.

Incorporation of forward-looking informationThe Group incorporates forward-looking information into both the assessment of whether the credit risk of an instrument has increased significantly since its initial recognition and the measurement of ECL.

The Group formulates three economic scenariosa: a base case, which is the median scenario assigned a 50% probability of occurring, and two less likely scenarios, one upside and one downside, assigned a 12.5% and 37.5% probability of occurring respectively.

The Group has identified and documented key drivers of credit risk and credit losses for each portfolio of financial instruments and, using an analysis of historical data, has estimated relationships between macro-economic variables and credit risk and credit losses.

The key drivers for credit risk for loan portfolios are: Hong Kong CPI, China unemployment rates and Hong Kong Retail Property Price Index., etc



(i) 產自預期信用損失之金額（續）違約的定義當出現以下情況，則本集團認為一項金融資產出現違約：

－借款人在本集團不採取變現抵押（如持有）等行動的情況下不大可能向本集團悉數支付其信用債務；

－借款人就任何重大信用債務拖欠本集團超過90日。當客戶透支超過獲建議的限額或獲告知其限額較目前未償付之金額為小，該透支即被視為逾期；或

－借款人因無力償付其信用債務導致破產，很可能會重組資產。

本集團於評估借款人是否違約時，考慮以下的指標：

－定性：例如毀約；

－定量：例如同一發行人對本集團的另一債務的逾期狀態及不付款；及

－基於內部產生及從外部來源獲得的數據。

評估金融工具是否違約的輸入數據及其重大性或隨時間變化，以反映情況的變動。此違約的定義大致與本集團用以規管資本者一致。

加入前瞻性資料本集團將前瞻性資料加入至評估一項工具自初始確認的信用風險是否顯著增加及計量預期信用損失中。

本集團制定三種經濟情況：基準情況（即發生機率50%的中位數情況）及兩個機率較小的情況（一為向上一為向下，發生機率分別為12.5%及37.5%）。

本集團確定各金融工具組合之信用風險及信用損失的關鍵因素，為此訂立文據，並透過分析歷史性數據，估計宏觀經濟變量與信用風險及信用損失之間的關係。

貸款組合信用風險的關鍵因素為：香港消費物價指數、中國失業率及香港零售物業價格指數等。

182





(i) Amounts arising from ECL (continued)The economic scenarios used as at 31 December 2018 included the following key indicators for the years ending 31 December 2019 to 2023.

2019 2020 2021 2022 2023

香港消費物價指數（變動百分比）

Hong Kong CPI (Percentage change)

基準 Base 2.10% 2.20% 2.40% 2.60% 2.60%向上 Upside 7.03% 6.47% 2.13% -2.46% 6.77%向下 Downside 0.56% 1.66% 3.06% 8.70% 7.39%

中國失業率（變動百分比）

China unemployment rates (Percentage change)

基準 Base 4.00% 4.00% 4.00% 4.00% 4.00%向上 Upside 4.10% 4.00% 4.20% 4.30% 4.14%向下 Downside 3.60% 4.00% 4.30% 4.20% 4.20%

香港零售物業價格指數（變動百分比）

Hong Kong Retail Property Price Index (Percentage change)

基準 Base 2.26% 3.97% 3.94% -5.46% -5.46%向上 Upside 27.29% 28.44% 20.52% 2.84% 1.13%向下 Downside -22.06% -6.40% -7.26% -2.07% 0.59%

Predicted relationships between the key indicators and default and loss rates on various portfolios of financial assets have been developed based on analysing historical data over the past 10 to 15 years.

The key inputs into the measurement of ECL are the term structure of the following variables:

– probability of default (PD);

– loss given default (LGD); and

– exposure at default (EAD).

ECL for exposures in Stage 1 is calculated by multiplying the 12-month PD by LGD and EAD. Lifetime ECL is calculated by multiplying the l i fetime PD by LGD and EAD. The methodology of estimating PDs is discussed above under the heading ‘Generating the term structure of PD’.

LGD is the magnitude of the likely loss if there is a default. The Group estimates LGD parameters based on the history of recovery rates of claims against defaulted counterparties. The LGD models consider the structure, collateral, seniority of the claim, counterparty industry and recovery costs of any collateral that is integral to the financial asset.

EAD represents the expected exposure in the event of a default. The Group derives the EAD from the current exposure to the counterparty and potential changes to the current amount allowed under the contract and arising from amortisation. The EAD of a financial asset is its gross carrying amount at the time of default. For lending commitments, the EADs are potential future amounts that may be drawn under the contract, which are estimated based on historical observations and forward-looking forecasts. For financial guarantees, the EAD represents the amount of the guaranteed exposure when the financial guarantee becomes payable. For some financial assets, EAD is determined by modelling the range of possible exposure outcomes at various points in time using scenario and statistical techniques.



(i) 產自預期信用損失之金額（續）於二零一八年十二月三十一日所使用的經濟情況包括以下截至二零一九年至二零二三年十二月三十一日止各年度的關鍵指標。

關鍵指標與金融資產各組合的違約及虧損率之間的預估關係乃基於分析過去10至15年的歷史性數據而得出。

計量預期信用損失的關鍵輸入數據為以下變量的年期結構：

－違約機率；

－違約虧損；及

－違約風險。

第一階段風險的預期信用損失的計算方法為12個月違約機率乘以違約虧損及違約風險。合約期內之預期信用損失的計算方法為合約期違約機率乘以違約虧損及違約風險。估計違約機率的方法於上文「產生違約機率年期結構」一段討論。

違約虧損指倘出現違約可能虧損的程度。本集團基於向違約對手方索償收回率的紀錄估計違約虧損參數。違約虧損模型考慮結構、抵押品、索償的順序、對手方的業務界別及內置於有關金融資產之任何抵押品的收回成本。

違約風險指當發生違約事件時之預期風險。本集團以目前就對手方的風險以及目前合約下及攤銷產生的撥備金額之潛在變動計算違約風險。一項金融資產的違約風險乃其於違約時的總賬面值。就借貸承諾而言，違約風險乃合約下可能被動用的潛在未來金額，其估計基於歷史性觀察及前瞻性預測。就金融擔保而言，違約風險指當該金融擔保成為應付時已擔保風險的金額。就若干金融資產而言，違約風險的釐定方法為利用情景及統計學技術模擬不同時點的可能風險結果。

183






(i) Amounts arising from ECL (continued)As described above, and subject to using a maximum of a 12-month PD for Stage 1 financial assets, the Group measures ECL considering the risk of default over the maximum contractual period (including any borrower’s extension options) over which it is exposed to credit risk, even if, for credit risk management purposes, the Group considers a longer period. The maximum contractual period extends to the date at which the Group has the right to require repayment of an advance or terminate a loan commitment or guarantee.

However, for credit card facilities that include both a loan and an undrawn commitment component, the Group measures ECL over a period longer than the maximum contractual period if the Group’s contractual ability to demand repayment and cancel the undrawn commitment does not limit the Group’s exposure to credit losses to the contractual notice period. These facilities do not have a fixed term or repayment structure and are managed on a collective basis. The Group can cancel them with immediate effect but this contractual right is not enforced in the normal day-to-day management, but only when the Group becomes aware of an increase in credit risk at the facility level. This longer period is estimated taking into account the credit risk management actions that the Group expects to take, and that serve to mitigate ECL. These include a reduction in limits, cancellation of the facility and/or turning the outstanding balance into a loan with fixed repayment terms.



(i) 產自預期信用損失之金額（續）如上所述，及就第一階段金融資產使用最大的12個月違約機率下，本集團計量預期信用損失時考慮有信用風險的最長合約期間（包括任何借款人的延期選項）的違約風險，雖然因信用風險管理關係，本集團考慮較長的期間。最長合約期間延至本集團有權要求償付墊款或終止貸款承諾或保證之日。

然而，就包括貸款及未動用承諾部分的信用卡信用額而言，倘本集團要求還款及取消未動用承諾的合約能力沒有限制本集團於合約通知期的信用損失風險，本集團計量預期信用損失時將計量較最長合約期間更長的期間。該等信用額並無固定年期或還款結構，其以集體基準管理。本集團可以即時取消彼等，惟此合約權利不在正常的日常管理中執行，僅當本集團於融資層面發覺信用風險增加時執行。估計此較長期間時考慮本集團預期將採取及有助減輕預期信用損失的信用風險管理行動。該等行動包括削減限額、取消融資及╱或將未償付結餘轉為有固定還款期的貸款。

184





(i) Amounts arising from ECL (continued)The following tables show reconciliations from the opening to the closing balance of the loss allowance by class of financial instrument. Comparative amounts for 2017 represent the provision for credit losses and reflect the measurement basis under HKAS 39.

Loans and advances to customers, banks and trade bills measured at amortised cost

12個月以內預期信用損失12-month

ECL

非信貸不良的合約期內

之預期信用損失

Lifetime ECL not credit-

impaired

信貸不良的合約期內


Lifetime ECL credit-impaired

總計Total

HK$’000 HK$’000 HK$’000 HK$’000二零一八年 2018 千港元千港元千港元千港元

減值變動： Movement in impairment:於二零一八年一月一日重列 Restated at 1 January 2018 2,447,088 107,646 2,107,457 4,662,191轉撥至12個月以內預期信用損失 Transfer to 12-month ECL 15,041 (15,041) – –轉撥至非信貸不良的合約期內之預期信用損失

Transfer to lifetime ECL not credit-impaired (8,427) 8,427 – –

轉撥至信貸不良的合約期內之預期信用損失

Transfer to lifetime ECL credit-impaired (1,914) (523) 2,437 –

虧損撥備的重新計量淨額（包括匯兌調整）

Net remeasurement of loss allowance (including exchange adjustments) (189,704) 565,418 (54,376) 321,338

源生或購入之新金融資產 New financial assets originated or purchased 554,029 356,971 851,765 1,762,765

已終止確認之金融資產 Financial assets that have been derecognised (536,673) (355,709) (170,057) (1,062,439)

撇銷 Write off – – (609,824) (609,824)收回先前撇銷的金額 Recoveries of amount previously

written off – – 1,897 1,897

於二零一八年十二月三十一日 At 31 December 2018 2,279,440 667,189 2,129,299 5,075,928

扣除自： Deducted from:客戶 Advances to customers 2,266,469 666,696 2,129,299 5,062,464銀行同業貸款 Advances to banks 8,966 – – 8,966商業票據 Trade bills 4,005 493 – 4,498

2,279,440 667,189 2,129,299 5,075,928



(i) 產自預期信用損失之金額（續）下表顯示按金融工具分類的虧損撥備期初與期末結餘的對賬。二零一七年的比較金額指信用損失的撥備及反映《香港會計準則》第39號下的計量基準。

客戶、銀行同業之貸款及其他賬項以及商業票據以攤銷成本入賬

185






(i) Amounts arising from ECL (continued)Financial investments measured at fair value through other comprehensive income


ECL




impaired




總計Total


減值撥備變動： Movement in impairment allowances:於二零一八年一月一日重列 Restated at 1 January 2018 57,892 – – 57,892轉撥至12個月以內預期信用損失 Transfer to 12-month ECL – – – –轉撥至非信貸不良的合約期內之預期信用損失

Transfer to lifetime ECL not credit-impaired (2,539) 2,539 – –


Transfer to lifetime ECL credit-impaired – – – –


Net remeasurement of loss allowance (including exchange adjustments) 1,010 – – 1,010

源生或購入之新金融資產 New financial assets originated or purchased 37,263 – – 37,263

已終止確認之金融資產 Financial assets that have been derecognised (10,020) – – (10,020)

於二零一八年十二月三十一日 At 31 December 2018 83,606 2,539 – 86,145

Financial investments measured at amortised cost


ECL




impaired




總計Total


減值變動： Movement in impairment:於二零一八年一月一日重列 Restated at 1 January 2018 43,531 7,438 – 50,969轉撥至12個月以內預期信用損失 Transfer to 12-month ECL (89) 89 – –轉撥至非信貸不良的合約期內之預期信用損失

Transfer to lifetime ECL not credit-impaired – – – –


Transfer to lifetime ECL credit-impaired – – – –


Net remeasurement of loss allowance (including exchange adjustments) (16,520) 6,971 – (9,549)






(i) 產自預期信用損失之金額（續）以公平價值經其他全面收益入賬金融投資

以攤銷成本入賬金融投資

186





(i) Amounts arising from ECL (continued)Cash, placement with banks and other financial institutions


ECL




impaired




總計Total


減值變動： Movement in impairment:於二零一八年一月一日重列 Restated at 1 January 2018 19,178 39 – 19,217虧損撥備的重新計量淨額（包括匯兌調整）

Net remeasurement of loss allowance (including exchange adjustments) (358) (39) – (397)



於二零一八年十二月三十一日 At 31 December 2018 25,991 – – 25,991

Loan commitments and financial guarantee contracts


ECL




impaired




總計Total


減值變動： Movement in impairment:於二零一八年一月一日重列 Restated at 1 January 2018 88,769 1,054 – 89,823撥至12個月以內預期信用損失 Transfer to 12-month ECL 24 (24) – –撥至非信貸不良的合約期內之預期信用損失

Transfer to lifetime ECL not credit-impaired (74) 74 – –

撥至信貸不良的合約期內之預期信用損失

Transfer to lifetime ECL credit-impaired– – – –


Net remeasurement of loss allowance (including exchange adjustments) (23,213) (25) – (23,238)

源生或購入之新金融資產 New financial assets originated or purchased 97,555 2,548 – 100,103

已終止確認之金融資產 Financial assets that have been derecognised (29,172) (1,031) – (30,203)




(i) 產自預期信用損失之金額（續）現金及在銀行同業及其他金融機構之存款

貸款承諾及金融擔保合約

187





4.3 Market risk management

Market risk is the risk that market rates and prices on assets, liabilities and off-balance sheet positions change, thus causing profits or losses. Generally, the Group’s market risk is associated with its positions in foreign exchange, the money market, debt securities and derivatives. Most off-balance sheet derivative positions arise from the execution of customer-related orders and positions taken for hedging purposes. Structured products are basically offered to customers in most cases on a back-to-back basis to maintain the Bank’s market competitiveness at minimal market risk, commensurate with the Group’s risk appetite.

The objective of the Group’s market risk management is to optimise return and control market risk in ways consistent with the Group’s risk appetite and its status as a premier provider of financial products and services.

The Group categorises market risk exposures into either trading or non-trading portfolios. Trading portfolios include those positions arising from market-making and proprietary trading positions. Non-trading portfolios primarily arise from the effective foreign exchange and interest rate management of the Group’s retail, corporate and commercial banking assets and liabilities.

(a) Market risk management frameworkMarket risk exposure for different types of transactions is managed within risk limits and guidelines approved by the Board RMC, the Senior Executive Risk Management Committee (the “SERMC”) and Market Risk Committee (the “MRC”). Exposures are measured and monitored against limits on Value-at-Risk (“VaR”), sensitivities (FX NOP, IR DV01, CS01, Option Greeks) and Stop-loss. Daily risk monitoring is carried out independently by Market Risk Section of the Risk Management Department, which ensures all dealing activities are conducted in a proper manner and within approved limits. The Group’s market risk exposures are periodically reviewed by the Board RMC, SERMC and MRC. Stress tests are performed regularly to estimate the possible losses under extreme circumstances. The Group’s Internal Audit Department also performs regular review and testing on dealing activities to ensure compliance with all internal guidelines.


4.3 市場風險管理

市場風險為資產、負債與資產負債表外項目倉盤之市場利率及價格出現變化而引起收益或虧損之風險。一般而言，本集團之市場風險與外匯、貨幣市場、債券及衍生工具的持倉額相關。大部分資產負債表以外之衍生工具持倉額源自執行客戶相關指令及用作對沖之持倉額。基本上，向客戶提供結構性產品在大多數情況下乃按背對背方式提供，以因應本集團之風險承擔能力，並在維持本銀行之市場競爭力之同時，將市場風險盡量降低。

本集團市場風險管理之目標乃按照與本集團提供卓越金融產品及服務之地位以及符合本集團的風險承擔能力之方式，優化回報及管控市場風險。

本集團將市場風險承擔分類為交易或非交易組合。交易組合包括市場莊家產生的該等倉盤及自營交易倉盤。非交易組合主要因對本集團的零售、企業及商業銀行資產及負債的有效外匯和利率管理而產生。

(a) 市場風險管理框架各類交易之市場風險乃按照董事會風險管理委員會、高級管理層風險管理委員會（「高級管理層風險管理委員會」）及市場風險委員會（「市場風險委員會」）制定之風險限額及指引進行管理。風險按照風險值（「VaR」）、敏感度(FX NOP、IR DV01、CS01、Option Greeks)及止損限額之基準衡量及監察。每日風險管理由風險管理部之市場風險單位獨立地進行，確保所有交易活動以恰當模式在許可之限額內進行。本集團之市場風險乃由董事會風險管理委員會、高級管理層風險管理委員會及市場風險委員會定期進行審核。定期進行壓力測試，以估計極端市況下可能造成之虧損。本集團之審計部亦定期對交易活動進行檢討及測試，以確保符合所有內部指引。

188




4.3 Market risk management (continued)

(b) Measurement of market riskMeasurement techniques used to quantify the market risk arising from the Bank’s trading and non-trading activities include VaR metrics, sensitivity analysis and stress testing. Sensitivity measures, concentration and stop-loss limits are also used as the risk management tools. Limits are set for each portfolio, product and risk type. Stress tests are performed regularly (at least monthly) to assess the potential losses under extreme circumstances. The Board RMC, SERMC and RMC review stress test results on a regular basis.

(c) Interest rate riskInterest rate risk is the risk that the Group’s position may be adversely affected by a change in market interest rates. Interest rate risk arises mainly from the mismatch of repricing tenors of interest-bearing assets and liabilities and yield curve movements. Interest rate risk exposures are managed within risk limits approved and monitored by the ALCO. Interest rate risk exposures in the non-trading portfolio are measured on a daily basis and the results are reported to the ALCO monthly and SERMC and the Board RMC quarterly.

The Group manages its interest rate risk by way of entering into on- or off-balance sheet interest rate risk hedging instruments. The effectiveness of the hedging activities is assessed regularly in accordance with HKFRS 9.

T h e G r o u p w i l l u s e a n d c o u n t o n s t o p – l o s s l i m i t s , management trigger limits, stress testing and a software system in installation to manage its interest rate risk.

The table below summarises the Group’s exposure to interest rate risks. Included in the table are the Group’s assets and liabilities at carrying amounts, categorised by the earlier of contractual repricing or maturity dates.


4.3 市場風險管理（續）

(b) 市場風險計量為量化因本銀行之交易及非交易活動而產生之市場風險所使用之計量技術包括VaR數值、敏感度分析及壓力測試。敏感度措施、集中及止損限額亦使用作為風險管理工具。限額乃就每個組合、產品及風險類型進行設定。壓力測試乃定期進行（最少每月一次），以評估在極端情況下之潛在虧損。董事會風險管理委員會、高級管理層風險管理委員會及市場風險委員會定期審閱壓力測試結果。

(c) 利率風險利率風險乃本集團之持倉額可能受到市場利率變動不利影響之風險。利率風險主要因計息資產與負債之重定息年期錯配及收益率曲線變動而產生。利率風險根據資產負債管理委員會批准及監控之風險限額管理。非交易組合的利率風險每日計算，並每月向資產負債管理委員會報告一次及每季度向高級管理層風險管理委員會和董事會風險管理委員會報告一次。

本集團透過訂立資產負債表內或以外之利率風險對沖工具方式管理其利率風險。對沖活動之功效乃定期根據《香港財務報告準則》第9號進行評估。

本集團將採用及依賴止損限額、管理層設定限額、壓力測試及安裝軟件系統的方式管理其利率風險。

下表概述本集團所面臨之利率風險，並按賬面值列示本集團之資產及負債，而資產及負債按重定息日或到期日（以較早者為準）分類。

189






(c) Interest rate risk (continued)

一個月內一至三個月三至十二個月一至五年五年以上不計息總計

TotalUp to

1 month1-3

months3-12

months1-5

yearsOver

5 yearsNon-interest

Bearing千港元千港元千港元千港元千港元千港元千港元

二零一八年十二月三十一日 31 December 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

資產 Assets現金及在銀行同業與其他金融機構之結餘 Cash and balances with banks and other financial institutions 121,803,709 – – – – 29,570,823 151,374,532在銀行同業及其他金融機構之存款及墊款 Placements with and advances to banks and

other financial institutions – 63,630,572 10,586,741 – 74,217,313以公平價值經損益表入賬金融資產 Financial assets at fair value through profit or loss – – – – 525,689 – 525,689衍生金融工具 Derivative financial instruments – – – – – 9,144,877 9,144,877貸款及其他賬項 Advances and other accounts 5,291,241 344,672,479 64,023,466 43,095,624 13,700,962 5,005,621 475,789,393以公平價值經其他全面收益入賬金融投資 Financial investments measured at fair value through other

comprehensive income 2,728,721 1,317,069 7,921,571 51,608,003 32,955,395 4,535,151 101,065,910以攤銷成本入賬金融投資 Financial investments measured at amortised cost 5,359,106 16,327,602 9,205,731 26,606,259 8,716,111 – 66,214,809其他資產，包括現行及遞延稅項資產 Other assets, including current and deferred tax assets – – – – – 15,285,864 15,285,864

資產總額 Total assets 135,182,777 425,947,722 91,737,509 121,309,886 55,898,157 63,542,336 893,618,387

負債 Liabilities銀行同業及其他金融機構之存款 Deposits from banks and other financial institutions 60,298,148 23,868,257 49,796,627 27,470,028 – – 161,433,060衍生金融工具 Derivative financial instruments – – – – – 6,920,387 6,920,387客戶存款 Deposits from customers 285,272,890 111,879,440 125,656,796 10,722,682 – 533,531,808已發行存款證 Certificates of deposit issued 2,546,806 11,400,001 11,001,574 – – – 24,948,381指定以公平價值經損益表入賬之已發行債券 Debt securities in issue designated at fair value

through profit or loss – – 108,794 2,533,396 – – 2,642,190以攤銷成本入賬之已發行債券 Debt securities in issue measured at amortised cost 1,173,513 4,660,270 4,438,807 9,993,590 – – 20,266,180以攤銷成本入賬之後償債項 Subordinated debts measured at amortised cost – – – 3,909,718 3,915,825 – 7,825,543其他負債，包括現行及遞延稅項負債 Other liabilities, including current and deferred tax liabilities 852,747 – – – – 17,880,602 18,733,349

負債總額 Total liabilities 350,144,104 151,807,968 191,002,598 54,629,414 3,915,825 24,800,989 776,300,898

利率敏感度缺口總額 Total interest sensitivity gap (214,961,327) 274,139,754 (99,265,089) 66,680,472 51,982,332 38,741,347 117,317,489



(c) 利率風險（續）

190





(c) Interest rate risk (continued)

一個月內一至三個月三至十二個月一至五年五年以上不計息Up to

1 month1-3

months3-12

months1-5

yearsOver

5 yearsNon-interest

Bearing總計Total

千港元千港元千港元千港元千港元千港元千港元二零一七年十二月三十一日 31 December 2017 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

資產 Assets現金及在銀行同業與其他金融機構之結餘 Cash and balances with banks and other financial institutions 130,805,511 – – – – 30,120,390 160,925,901在銀行同業及其他金融機構之存款及墊款 Placements with and advances to banks and

other financial institutions – 32,910,195 45,760,789 – – 78,670,984持作交易用途金融資產 Financial assets held for trading – – – – – – –指定以公平價值經損益表入賬金融資產 Financial assets designated at fair value through profit or loss – – – – 731,157 – 731,157衍生金融工具 Derivative financial instruments – – – – – 15,394,138 15,394,138貸款及其他賬項 Advances and other accounts 5,561,233 338,769,636 52,085,241 41,691,727 13,041,117 8,681,245 459,830,199備供銷售金融投資 Available-for-sale financial investments 3,719,660 1,564,273 5,893,591 38,143,452 28,052,594 250,364 77,623,934持有至到期金融投資 Held-to-maturity financial investments 13,943,656 14,540,233 21,996,663 31,504,634 13,199,448 – 95,184,634其他資產 Other assets – – – – – 9,748,080 9,748,080

資產總額 Total assets 154,030,060 387,784,337 125,736,284 111,339,813 55,024,316 64,194,217 898,109,027

負債 Liabilities銀行同業及其他金融機構之存款 Deposits from banks and other financial institutions 68,468,114 48,423,216 32,324,242 28,415,539 – – 177,631,111衍生金融工具 Derivative financial instruments – – – – – 8,617,305 8,617,305客戶存款 Deposits from customers 288,958,670 76,000,154 112,758,216 18,573,772 20,971 – 496,311,783已發行存款證 Certificates of deposit issued 2,954,562 71,271,690 16,193,384 620,906 – – 91,040,542指定以公平價值經損益表入賬之已發行債券 Debt securities in issue designated at fair value

through profit or loss – – 3,320,760 3,264,422 – – 6,585,182指定以攤銷成本入賬之已發行債券 Debt securities in issue designated at amortised cost – 467,392 1,000 1,062,300 – – 1,530,692以攤銷成本入賬之後償債項 Subordinated debts measured at amortised cost – – – 3,897,774 7,800,709 – 11,698,483其他負債 Other liabilities 852,747 – – – – 12,155,142 13,007,889

負債總額 Total liabilities 361,234,093 196,162,452 164,597,602 55,834,713 7,821,680 20,772,447 806,422,987

利率敏感度缺口總額 Total interest sensitivity gap (207,204,033) 191,621,885 (38,861,318) 55,505,100 47,202,636 43,421,770 91,686,040



(c) 利率風險（續）

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(c) Interest rate risk (continued)Trading portfolioThe Group’s control of interest rate risk is based on restricting individual operations to trading within the market risk limits, and a list of permissible instruments authorised by the Board RMC, and MRC where authority delegated. In particular, trading in the derivative products is supported by robust control systems whereas more complicated derivatives are basically undertaken on a back-to-back basis. VaR, sensitivity measures, concentration and stop-loss limits are used as risk management tools. Risk limits are independently monitored by Market Risk Section of Risk Management Department on a daily basis.

Non-trading portfolioThe principal objective of interest rate risk management of non-trading portfolios (also known as “banking book”) is to optimise net interest income but without exposure to excessive risk. This is done on a daily basis by the Global Markets Department (“GMT”) taking over the interest rate risk in non-treasury business under the supervision of the ALCO. When the behavioural characteristics of a product differ from its contractual characteristics, the behavioural characteristics are assessed to determine their actual underlying interest rate risk. The ALCO monitors all such behavioural assumptions and interest rate risk positions to ensure they comply with the prevailing interest rate risk limits which are set for the purpose of governing the interest rate risk arising from the non-trading portfolio. The limits are measured and independently monitored on a regular basis.

There are four primary forms of interest rate risk faced by the Group with regard to its banking book: re-pricing risk, yield curve risk, basis risk and option risk. Interest rate risk is measured in relation to the impact of changes in interest rates on earnings or economic values assuming all other factors remained constant, e.g., no action taken by GMT or other business units to mitigate the impact of this interest rate risk and interest rates at all term points move by the same amount. Prepayment and early withdrawal of customer loans or deposits are usually not entertained or will incur fees.



(c) 利率風險（續）交易組合本集團對利率風險之監控乃根據有關屬於市場風險限額內交易之受限個別營運及一系列董事會風險管理委員會及市場風險委員會（依據授權）授權之可允許工具進行。尤其是，衍生產品之交易受到健全之監控系統支持，而更為複雜之衍生工具基本上是以背靠背基準進行交易。VaR、敏感度措施、集中及止損限額乃作為風險管理工具使用。風險限額乃每日由風險管理部之市場風險單位進行獨立監察。

非交易組合非交易組合（亦稱為「銀行賬戶」）之利率風險管理之主要目標是優化淨利息收入但不至於承受過多風險，這由金融市場部（「金融市場部」）每日進行，並在資產負債管理委員會監督下管理非庫務業務之利率風險。當產品之行為特徵與其合同特徵不同時，則對行為特徵進行評估以釐定彼等之實際相關利率風險。資產負債管理委員會監察所有該等行為假設及利率風險狀況，以確保彼等符合當時適用的利率風險限額。利率風險限額乃就規管因非交易組合產生之利率風險而設定。該等限額定期進行計量及獨立監察。

本集團就其銀行賬戶面對之利率風險主要包括以下四個形式：重新定價風險、收益率曲線風險、基準風險及期權風險。利率風險乃就利率變動對盈利或經濟價值之影響而計量，並假設所有其他因素維持不變，如金融市場部或其他業務部門中並無採取任何行動以減低此利率風險之影響，以及所有年期項目之利率按同一幅度變動。預付款及提前償還客戶貸款或提取存款通常不予接受或錄得費用。

192





(c) Interest rate risk (continued)Interest rate exposures in banking bookSensitivities of earnings or economic value to interest rate changes are summarised below:

2018 2018 2018 2018 2018 2018 2017 2017 2017 2017 2017 2017 港元美元人民幣歐元澳元日元港元美元人民幣歐元澳元日元HK$ US$ CNY EUR AU$ JPY HK$ US$ CNY EUR AU$ JPY

百萬港元百萬港元百萬港元百萬港元百萬港元百萬港元百萬港元百萬港元百萬港元百萬港元百萬港元百萬港元HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million

倘利率上調200個基點對未來12個月的盈利影響

Impact on earnings over the next 12 months if interest rates rise by 200 basis points 1,908 (436) 96 23 5 – 1,593 (414) (46) (381) – –

倘利率上調200個基點對經濟價值的影響

Impact on economic value if interest rates rise by 200 basis points (661) 1,180 664 124 (2) – (316) 3,105 227 168 – –

The analysis is based on the following assumptions:

(i) there is a parallel shift in the yield curve and in interest rates;

(ii) there are no other changes to the portfolio;

(iii) there is no loan prepayment; and

(iv) deposits without fixed maturity dates are repriced on the next day.



(c) 利率風險（續）銀行賬戶之利率風險盈利或經濟價值對利率變動的敏感度概要如下：

分析乃根據以下假設進行：

(i) 收益率曲線及利率出現平行移動；

(ii) 組合並無其他變動；

(iii) 沒有提早償還貸款；及

(iv) 沒有固定到期日的存款於翌日再定息。

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(c) Interest rate risk (continued)Sensitivity analysisThe tables below show the last stress tests on the Bank’s trading and investment portfolios conducted in December 2018 and 2017 respectively. The testing scenario (bps of yield curve shift) of the stress test represents the sensitivity to a reasonable possible change in interest rates, with all other variables held constant, of the Bank’s income statement:

2018Interest rate stress test for interest rate trading

（千港元）情況分析(HK$’000) Scenario

輕微溫和嚴重Light Moderate Extreme

收益率曲線變動 Yield curve shift –100個基點–100 bps

+100個基點+100 bps

–200個基點–200 bps




二零一八年十二月 December 2018 (8,118) 8,118 (14,892) 14,892 (21,667) 21,667

Interest rate risk for investment book debt securities(exclude measured at amortised cost book and EFNs)


輕微溫和嚴重收益率曲線上升收益率曲線變平Light Moderate Extreme Yield curve steepen Yield curve flatten

收益率曲線變動 Yield curve shift+100個基點

+100 bps+200個基點

+200 bps+300個基點

+300 bps100個基點

100 bps300個基點

300 bps100個基點

100 bps300個基點

300 bps

二零一八年十二月 December 2018 (348,055) (696,110) (1,044,165) (405,362) (1,216,086) 57,307 171,922



(c) 利率風險（續）敏感度分析下表顯示有關本銀行分別於二零一八年及二零一七年十二月對交易賬項及投資組合進行最後一次之壓力測試。壓力測試之測試情況分析（收益率曲線變動之基點）代表在所有其他變量維持不變的情況下，本銀行之收益表對利率之合理可能變動的敏感度：

二零一八年利率交易之利率壓力測試

投資賬項債券之利率風險（以攤銷成本入賬賬戶及EFN除外）

194





(c) Interest rate risk (continued)Sensitivity analysis (continued)

2017Interest rate stress test for interest rate trading



收益率曲線變動 Yield curve shift –100個基點–100 bps






二零一七年十二月 December 2017 (9,894) 9,894 (19,788) 19,788 (29,682) 29,682

Interest rate risk for investment book debt securities(exclude HTM book and EFNs)


輕微溫和嚴重收益率曲線上升收益率曲線變平Light Moderate Extreme Yield curve steepen Yield curve flatten

收益率曲線變動 Yield curve shift +100個基點+100 bps



100個基點100 bps

300個基點300 bps

100個基點100 bps

300個基點300 bps

二零一七年十二月 December 2017 (661,322) (1,322,645) (1,983,968) (324,828) (974,484) (336,494) (1,009,484)

(d) Currency riskCurrency r isk is the r isk that the value of a f inancial instrument will fluctuate due to changes in foreign exchange rates.

The Group’s foreign exchange exposures mainly comprise foreign exchange dealing by GMT, and currency exposures originated from the Group’s banking business. Currency exposures arising from non-trading businesses are transferred to GMT for centralised management within foreign exchange position limits approved by the MRC. Management has set limits on positions by currency. Positions are independently monitored by Risk Management Department against the approved limits on a daily basis.



(c) 利率風險（續）敏感度分析（續）

二零一七年利率交易之利率壓力測試

投資賬項債券之利率風險（HTM賬戶及EFN除外）

(d) 貨幣風險貨幣風險乃金融工具之價值因外匯變化而將出現波動之風險。

本集團之外匯風險主要包括金融市場部進行之外匯交易及源自於本集團銀行業務之貨幣風險。因非交易業務產生之貨幣風險乃轉至金融市場部，以按市場風險委員會所批准之外匯倉盤限額進行集中化管理。管理層按貨幣對倉盤設定限額。風險管理部依據經批准限額對倉盤進行逐日獨立監察。

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(d) Currency risk (continued)The tables below summarise the Group’s exposure to foreign currency exchange risk. Included in the tables are the Group’s assets and liabilities at carrying amounts, excluding derivative financial instruments, categorised by currency.

港元美元人民幣其他總計HK$ US$ CNY Other Total

千港元千港元千港元千港元千港元二零一八年十二月三十一日 31 December 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000


Cash and balances with banks and other financial institutions 40,560,299 76,275,026 24,473,237 10,065,970 151,374,532


Placements with banks and other financial institutions 6,774,381 62,792,525 2,709,483 1,940,924 74,217,313


Financial assets at fair value through profit or loss – 386,067 139,622 – 525,689

貸款及其他賬項 Advances and other accounts 223,684,257 114,084,603 109,894,630 28,125,903 475,789,393以公平價值經其他全面收益入賬金融投資

Financial investments measured at FVTOCI 4,560,554 78,775,561 11,698,782 6,031,013 101,065,910

以攤銷成本入賬金融投資 Financial investments measured at amortised cost 12,970,083 17,615,376 35,539,916 89,434 66,214,809

於聯營公司之投資 Investments in associates 97,984 – – – 97,984商譽及其他無形資產 Goodwill and other intangible assets 1,017,797 – – – 1,017,797投資物業 Investment properties 102,800 – 37,335 – 140,135物業及設備 Property, plant and equipment 721,905 – 179,346 – 901,251其他資產，包括現行及遞延稅項資產

Other assets, including current and deferred tax assets 2,434,843 8,157,542 2,228,268 308,044 13,128,697

資產總額（不包括衍生金融工具）

Total assets (excluding derivative financial instruments) 292,924,903 358,086,700 186,900,619 46,561,288 884,473,510

負債 Liabilities銀行同業及其他金融機構之存款

Deposits from banks and other financial institutions 15,749,747 77,614,422 58,195,883 9,873,008 161,433,060

客戶存款 Deposits from customers 224,956,837 198,423,896 92,672,897 17,478,178 533,531,808已發行存款證 Certificates of deposit issued 1,091,564 23,477,800 379,017 – 24,948,381指定以公平價值經損益表入賬之已發行債券

Debt securities in issue designated at fair value through profit or loss – 2,533,396 108,794 – 2,642,190

以攤銷成本入賬之已發行債券

Debt securities in issue at amortised cost3,547,967 9,527,247 6,743,146 447,820 20,266,180

以攤銷成本入賬之後償債項 Subordinated debts measured at amortised cost – 7,825,543 – – 7,825,543

其他負債，包括現行及遞延稅項負債

Other liabilities, including current and deferred tax liabilities 5,378,139 5,430,706 7,307,110 617,394 18,733,349

負債總額（不包括衍生金融工具）

Total liabilities (excluding derivative financial instruments) 250,724,254 324,833,010 165,406,847 28,416,400 769,380,511

資產負債表內倉盤淨額 Net on-balance sheet position 42,200,649 33,253,690 21,493,772 18,144,888 115,092,999

信貸承諾 Credit commitments 86,805,398 108,548,109 7,278,435 34,856,339 237,488,281



(d) 貨幣風險（續）下表概述本集團面對之外匯風險。該表包括本集團按賬面值列賬之資產及負債（衍生金融工具除外），按貨幣進行分類。

196





(d) Currency risk (continued)

港元美元人民幣其他總計HK$ US$ CNY Other Total

千港元千港元千港元千港元千港元二零一七年十二月三十一日 31 December 2017 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000


Cash and balances with banks and other financial institutions 41,635,264 89,529,838 28,632,466 1,128,333 160,925,901


Placements with banks and other financial institutions 15,380,000 59,125,180 2,499,240 1,666,564 78,670,984

持作交易用途金融資產 Financial assets held for trading – – – – –指定以公平價值經損益表入賬金融資產

Financial assets designated at fair value through profit or loss – – 731,157 – 731,157

貸款及其他賬項 Advances and other accounts 187,207,065 135,670,256 113,112,054 23,840,824 459,830,199備供銷售金融投資 Available-for-sale financial investments 388,075 57,770,774 13,012,305 6,452,780 77,623,934持有至到期金融投資 Held-to-maturity financial investments 18,993,711 43,415,394 32,028,527 747,002 95,184,634於聯營公司之投資 Investments in associates 405,722 – – – 405,722商譽及其他無形資產 Goodwill and other intangible assets 1,017,282 – – – 1,017,282投資物業 Investment properties 78,100 – 39,307 – 117,407物業及設備 Property, plant and equipment 725,738 – 180,030 – 905,768其他資產，包括現行及遞延稅項資產

Other assets, including current and deferred tax assets 1,303,859 3,199,849 2,649,383 148,810 7,301,901

資產總額（不包括衍生金融工具）

Total assets (excluding derivative financial instruments) 267,134,816 388,711,291 192,884,469 33,984,313 882,714,889


Deposits from banks and other financial institutions 16,267,019 88,572,113 63,052,464 9,739,515 177,631,111

客戶存款 Deposits from customers 192,459,695 170,182,978 99,933,375 33,735,735 496,311,783已發行存款證 Certificates of deposit issued 14,070,626 69,910,030 6,002,726 1,057,160 91,040,542指定以公平價值經損益表入賬之已發行債券

Debt securities in issue designated at fair value through profit or loss – – 107,548 6,477,634 6,585,182


Debt securities in issue at amortised cost1,000 – 1,062,300 467,392 1,530,692

以攤銷成本入賬之後償債項 Subordinated debts measured at amortised cost – 11,698,483 – – 11,698,483

其他負債，包括現行及遞延稅項負債

Other liabilities, including current and deferred tax liabilities 2,800,542 5,038,841 5,027,556 140,950 13,007,889

負債總額（不包括衍生金融工具）

Total liabilities (excluding derivative financial instruments) 225,598,882 345,402,445 175,185,969 51,618,386 797,805,682

資產負債表內倉盤淨額 Net on-balance sheet position 41,535,934 43,308,846 17,698,500 (17,634,073) 84,909,207

信貸承諾 Credit commitments 90,620,961 121,100,760 7,469,579 38,957,258 258,148,558



(d) 貨幣風險（續）

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(d) Currency risk (continued)Stress testThe tables below show the last stress tests conducted in December which calculated the change in dollar term of a reasonably possible movement of spot rates and foreign exchange volatility for 2018 and 2017, with all other variables held constant.

2018Risk stress testing for foreign exchange position

（千港元）(HK$’000)

情況分析Scenario


即期(10%) 即期(12%) 即期(15%)Spot (10%) Spot (12%) Spot (15%)波幅(4%) 波幅(6%) 波幅(10%)

Volatility (4%) Volatility (6%) Volatility (10%)

最低即期及波幅變動（人民幣除外） Worst of spot and volatility change (excluding CNY) (58,080) (90,757) (95,018)

（千港元）(HK$’000)





最低即期及波幅變動（人民幣） Worst of spot and volatility change (CNY) (329,523) (537,890) (739,683)



(d) 貨幣風險（續）壓力測試下表為十二月進行最後一次之壓力測試計算在所有其他變量維持不變的情況下，即期匯率及外匯波動於二零一八年及二零一七年之合理可能變動所產生之按元計量之變化。

二零一八年外匯倉盤風險壓力測試

198





(d) Currency risk (continued)Stress test (continued)

2017Risk stress testing for foreign exchange position

（千港元）(HK$’000)





最低即期及波幅變動（人民幣除外） Worst of spot and volatility change (excluding CNY) (149,982) (671,387) (1,582,811)

（千港元）(HK$’000)





最低即期及波幅變動（人民幣） Worst of spot and volatility change (CNY) (310,145) (516,909) (723,672)



(d) 貨幣風險（續）壓力測試（續）

二零一七年外匯倉盤風險壓力測試

199






(e) Equity price riskEquity price risk is the risk that the fair values of the equity portfolio decrease as the result of changes in the levels of equity indices and the value of individual stocks. Market risk positions on equity are relatively not sizeable at this stage.

The Group’s equity exposures in 2018 and 2017 are mainly long-term strategic equity investments which are included in “measured at FVTOCI financial investments” (2017: available-for-sale financial investments ) set out in Note 27. These are subject to risk management control procedures.

The Group takes into account its equity exposure as part of risk-weighted assets for the purpose of calculating the capital adequacy ratios.

Valuation and technique methodologies applied on equity investments are detailed in Note 2 of the financial statements.


HK$’000 HK$’000

來自出售和兌現持有股權的累積實現收益

Cumulative realized gains arising from sales and liquidations of equity exposure (8) (38)

在本集團的儲備內確認，但沒有經收益表入賬的未實現收益的總計

Total unrealized gains recognised in the Group’s reserve but not through the income statement (17,209) 87,747

為計算資本充足比率而包括在本集團的附加資本內的未實現收益

Unrealised gains included in the Group’s supplementary capital for capital adequacy ratio purpose (17,209) 87,747



(e) 股票價格風險股票價格風險乃股票組合之公平價值因股市指數水平及個別股票價值變化而下降之風險。持倉股票之市場風險於目前階段相對並不大。

本集團於二零一八年及二零一七年的股票風險主要為長期策略性股票投資，並包含在附註27所載之「以公平價值經其他全面收益入賬金融投資」（二零一七年：備供銷售金融投資）列報。彼等並受風險管理監控措施所規管。

為計算資本充足比率，本集團已考慮其股票風險作為風險加權資產的一部分。

有關股票投資所應用之估值及技術方法於財務報表附註2詳述。

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4.4 Liquidity risk

Liquidity risk is the risk that the Group cannot meet its financial obligations as and when they fall due. A sound liquidity risk management framework is therefore essential to ensure there is adequate cash flow to meet all financial obligations, including matured borrowings, deposits withdrawal either on demand or at contractual maturity, etc under both normal and contingency circumstances in a cost-effective manner. The Group must comply with the statutory LCR, net stable funding ratio (NSFR) and regulatory liquidity-related ratio. To ensure this, the Group maintains a stable and diversified funding base of retail and corporate customer deposits and a strong portfolio of highly liquid assets.

To manage liquidity risk, the Group has established liquidity risk management policies that are reviewed and approved by ALCO, SERMC and Board RMC. Liquidity is managed and forecasted on a daily basis to enable ALCO and relevant departments to act proactively in view of changing market conditions and to implement contingency plans on a timely basis. Also, liquidity risk management reports are prepared and reported to ALCO on a monthly basis; to SERMC and Board RMC on a quarterly basis for effective liquidity risk management oversight. Stress tests, with various crisis scenarios covering bank-specific, general market and a combination of both, are regularly conducted for both internal and regulatory purposes in order to assess the adequacy of the Group’s liquidity to meet any contingent funding needs under severe conditions. ALCO examines and discusses the stress test results to consider the need for preventive and mitigating actions. These actions include but are not limited to limit the Bank’s exposures, build up more liquidity cushion, and/or adjust the structural maturity profile of the Bank’s assets and liabilities. Stress tests are conducted for all currencies in aggregate and separately for positions in significant currencies (e.g. HKD, USD, CNY).

Management information systems are in place to extract data from various sources and produce the essential management information reports, including statutory LCR, NSFR, other regulatory liquidity-related ratios and cash flow positions on a daily basis for timely monitoring by relevant parties and reporting to management.


4.4 流動資金風險

流動資金風險乃指本集團於財務責任到期時未能償債之風險。因此，穩健的流動資金風險管理框架，對確保在正常及緊急情況下有足夠現金流量以具成本效益的方式應付所有財務責任，包括到期借貸、提取活期或合約期滿的到期存款等十分重要。本集團必須符合法定的流動資金覆蓋比率、穩定資金淨額比率及監管規定的流動資金比率。為了確保達到上述目標，本集團維持一個以零售及企業客戶存款構成的穩定而多元化的資金基礎以及一個以高流動性資產組成的強大組合。

為管理流動資金風險，本集團已制定流動資金風險管理政策，並經由資產負債管理委員會、高級管理層風險管理委員會及董事會風險管理委員會審閱和審批。本集團每日均緊密管理及預測流動資金流向，以讓資產負債管理委員會及相關部門因應不斷變化之市況迅速行動，及時實行應變計劃。此外，本集團會編製，並每月向資產負債管理委員會以及每季向高級管理層風險管理委員會和董事會風險管理委員會呈交流動資金風險管理報告，以促進有效之流動資金風險管理和監督。本銀行就內部監控及監管目的定期履行涵蓋銀行指定、一般市場及結合二者的各種危機情景的壓力測試，以評估本集團在嚴峻情況下是否有足夠流動資金應付任何緊急的資金需要。資產負債管理委員會就該等壓力測試結果進行審閱及討論，以考慮是否有需要制定預防性的減低風險措施，包括但不限於為本銀行的風險設限、建立更多的流動資金緩衝，及╱或調整本銀行資產及負債的結構性到期組合。此等壓力測試就所有貨幣合計以及就重大貨幣倉盤（如港元、美元和人民幣）分別進行。

已建立資訊管理系統，每日從各個來源擷取數據及編製必要的管理資料報告，包括法定流動資金覆蓋比率、穩定資金淨額比率、其他監管規定的流動資金比率及現金流量水平，以讓相關方可以及時進行監察和及時向管理層作出匯報。

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4.4 Liquidity risk (continued)

The Bank maintains a diversified portfolio of liquidity cushion that is largely made up of the most liquid and readily marketable assets (“tier 1 assets”), such as cash, EF debt securities and other high quality government debt securities or similar instruments, that can be easily or immediately monetized with little or no loss or discount at all times. The Bank also widens the composition of the liquidity cushion by holding other liquid and marketable assets (“tier 2 assets”) which can be used to cater for the longer end of the stress period without resulting in excessive losses or discounts. The Bank calculates the required liquidity cushion, which is compared to the liquidity cushion held by the Bank to ensure that the latter is sufficient in all circumstances.

The ALCO, constituted by CEO, is delegated by CEO and appointed by SERMC to manage liquidity risk. This includes but is not limited to:

Asset and Liability Management• monitor and manage the Bank’s assets and liabilities

• review the assets and liabilities mix and formulate appropriate assets and liabilities management policies and strategies

• review and discuss items or matters that have significant impact on assets and liabilities as well as capital

Liquidity Management• identify, assess, monitor and control the liquidity risk

• formulate, review and update the liquidity risk management policy

• strengthen the Bank’s liquidity and monitor the liquidity risk indicators, cash flow and intraday liquidity

• review the liquidity stress testing on a regular basis

• build up contingency plan on liquidity, including but is not limited to solicit customer deposits, issue CDs, sell bonds, etc.

Funding Management• review the funding needs and enhance the sources and uses of

funds

• review the internal FTP policy and plan


4.4 流動資金風險（續）

本銀行維持分散之流動資金緩衝組合，當中大部分為流動性高及可隨時變現之可銷資產（「一級資產」），例如現金、外匯基金債務證券及其他優質政府債券或類似工具，此等資產任何時候均可容易或即時轉換為現金而只會涉及低額或甚至沒有價值損失或折讓。本銀行亦透過持有其他流動性高及可銷性高的資產（「二級資產」），擴闊流動資金緩衝組合之組成成分，此等資產可用以應對壓力期間年期較長之部分，而不會導致過多之虧損或折讓。本銀行計算所需的流動資金緩衝，所用方法為參考本銀行持有的流動資金緩衝，以確保任何情況下後者都處於足夠水平。

由行長辦公會組成的資產負債管理委員會，獲行長辦公會委派及獲高級管理層風險管理委員會委任管理流動資金風險。這包括但不限於：

資產及負債管理• 監察及管理本銀行的資產與負債

• 審閱資產與負債組合及制定合適的資產與負債管理政策及策略

• 審閱及討論對資產與負債以及資本有著重大影響的項目或事宜

流動資金管理• 識別、評估、監察及控制流動資金風險

• 制定、審閱及更新流動資金風險管理政策

• 加強本銀行的流動資金，以及監察流動資金風險指標、現金流量及即日流動資金

• 定期審閱流動資金壓力測試

• 制定緊急流動資金計劃，包括但不限於招攬客戶存款、發行存款證、出售債券等

資金管理• 審閱資金需要，並增加資金來源和確保

有效使用資金

• 審閱內部FTP政策及計劃

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To ensure an effective liquidity risk management, frontline business units:

• report the customer fund in/out flow in time and monitor the trend of deposits withdrawal

• attract relatively stable deposits at reasonable rate (e.g. longer tenor, larger depositor base, etc.)

• fulfill the deposit growth targets set by senior management

• simultaneously comply with the deposit growth target when developing assets business which consumes liquidity

• implement liquidity management plans as agreed in ALCO or CEO when the liquidity is relatively tight

• price lending properly, taking into account the Bank’s liquidity cost and availability

• slow down or cease committing to new loans, and/or defer or regulate loan drawdown, and/or work together on loan sale during times of liquidity stress

The Hong Kong Monetary Authority (“HKMA”) has updated the Banking (Liquidity) Rules (“BLR”) in 2018, detailing the implementation of the LCR and NSFR in Hong Kong. The BLR stipulates the minimum LCR and NSFR with which all Category 1 authorised institutions (“AIs”) need to comply. Also, new versions of Supervisory Policy Manual LM-1 and LM-2 have been issued by the HKMA in 2016 to provide guidance to the AIs on the application of the BLR and the key elements of a sound liquidity risk management framework respectively.

The Group continues to seek to diversify its funding channels to control excessive concentration on funding sources. Funding support from the Parent Bank, ICBC, has also proven to be efficient in strengthening the Group’s liquidity capability.



為確保有效之流動資金風險管理，前線業務部門須：

• 及時匯報客戶資金流入╱流出情況，並監察提取存款之趨勢

• 以合理利率吸引相對穩定之存款（如較長年期、較大存戶基礎等）

• 達致高層管理人員所設定之存款增長目標

• 在發展需要大量流動資金之資產業務的同時，積極達致存款增長目標

• 當流動資金相對緊拙時，執行資產負債管理委員會或行長辦公會同意之流動資金管理計劃

• 考慮本銀行之流動資金成本和供應等因素，妥善為借貸定價

• 於流動資金出現壓力時，放慢或停止承造新貸款，及╱或延遲或規管貸款之提取，及╱或協調出售貸款事宜

香港金融管理局（「金管局」）已於二零一八年更新銀行業（流動性）規則（「銀行業（流動性）規則」），列明於香港執行流動資金覆蓋比率及穩定資金淨額比率的詳情。銀行業（流動性）規則訂明所有第一類認可機構（「認可機構」）均須遵守的最低流動資金覆蓋比率及穩定資金淨額比率。此外，金管局於二零一六年發出新版本的監管政策手冊LM–1及LM–2，為認可機構應用銀行業（流動性）規則以及建立穩健的流動資金風險管理框架的要素分別提供指引。

本集團繼續尋求分散資金渠道，以控制過度集中的資金來源。母行中國工商銀行提供的資金支持亦足證本集團有效增強資金實力。

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The matching and controlled mismatching of assets and liabilities are fundamental to the liquidity management of the Group. It is unusual for bank’s assets and liabilities to be completely matched in tenors, as transactions often entail uncertain terms and are frequently of different types. While an unmatched position potentially enhances profitability, it increases the liquidity risk (as well as the interest rate risk) of an entity.

A substantial portion of our assets is funded by customer deposits. Of total customer deposits, 8% consist of demand and current account deposits, 17% of savings deposits, and 75% of time, call and notice deposits (2017: demand and current account 10%, savings 24%, time, call and notice 66%). These customer deposits, which are widely diversified by type and maturity, represent a stable source of funds. The Group places great emphasis on the stability of these deposits, which are sustained through the Group’s retail banking activities and by maintaining depositor confidence in the Group’s capital strength. Although many customer accounts are contractually due for repayment on demand or at short notice, in practice inflows and outflows are broadly matched, keeping short-term deposit balances stable.

As the f inancial investments held for trading and financial investment measured at fair value through other comprehensive income may be sold before maturity, or deposits from customers may mature without being withdrawn, the contractual maturity dates do not totally represent the expected timing and availability of future cash flows.

Liquidity requirements to support calls under guarantees and standby letters of credit are considerably less than the amount of the commitments because the Group does not generally expect its third parties to draw funds concurrently under the agreements. The total outstanding contractual amount of commitments to extend credit does not necessarily represent future cash requirements, as many of these commitments will expire or be terminated without being funded.



資產及負債的相配和受控之錯配對本集團流動性管理而言至關重要。由於交易經常期限不定，且類型也經常不同，因此銀行做到資產與負債的年期完全相配的情況並不普遍。一方面，不相配的情況可能提高實體溢利能力，但也會增加實體的流動性風險（以及利率風險）。

本集團的資產大多來自客戶存款。於所有客戶存款中，8%為活期存款及往來戶口，17%為儲蓄存款，75%為定期及通知存款（二零一七年：10%為活期存款及往來戶口，24%為儲蓄存款，66%為定期及通知存款）。上述客戶存款的種類及到期日分佈甚為廣泛，屬於穩定的資金來源。本集團極為重視維持此等存款之穩定性，並透過旗下零售銀行業務及維持存戶對本集團雄厚資本之信心以維持此情況。雖然很多客戶賬項已訂約須通知時即時或在給予短期通知後償還，但事實上，由於流入及流出額大致相符，故短期存款結餘穩定。

由於持作交易用途金融投資及以公平價值經其他全面收益入賬金融投資可於到期前出售，或客戶存款可能在未被取用之情況下到期，合約到期日並不完全反映未來現金流量的預期時間及其是否可用。

應付擔保和備用信用證項下所需款項的流動資金需求遠少於承諾的金額，因為本集團一般不預期第三方會同一時間根據協議要求兌現。由於很多信貸承諾毋須動用資金即告屆滿或終止，因此提供信貸承諾的尚未償付合同總金額未必等同日後的現金需求。

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The Bank’s Asset and Liability Management Department manages the liquidity risk according to established policies and supports ALCO by implementing liquidity risk monitoring and control. The Group has always maintained high vigilance with regard to liquidity risk management, relying much more significantly on customer deposits than on inter-bank funding, particularly at volatile times. The Group will continue to take the necessary measures commensurate with its scale and complexity of operation to strengthen its liquidity capability, including meeting various stress scenarios and any new liquidity risk requirements.

The contingency funding plan (“CFP”) is reviewed and approved by ALCO, SERMC and the Board RMC at least annually with the objective of ensuring that the Group has practical and operational plans in place to enable it to cope with a liquidity crisis. The CFP is a practical tool for managing liquidity during a crisis event. It sets out the options available to the Group for garnering liquidity and funding, and an agreed course of action in the event of an unexpected crisis. The CFP includes detailed action steps as well as roles and responsibilities of relevant parties. As a practical set of guidelines for the crisis management team and its support team to evaluate the liquidity crisis situation and execute action steps during any crisis, the CFP also consists of a sound balance sheet maturity analysis, and spells out all potential funding sources giving due consideration to their reliability, priority and the lead time during a crisis.



本銀行的資產負債管理部根據既定的政策管理流動資金風險，並透過執行監察和控制流動資金風險的措施，為資產負債管理委員會提供支持。本集團時刻保持非常嚴謹之流動資金風險管理，並更加倚重客戶存款而非銀行間資金，尤其是在動盪時期。本集團將繼續採取必要措施按其營運規模和複雜性加強其流動資金實力，包括符合各種壓力情景和任何新的流動性風險要求。

應變資金計劃（「應變資金計劃」）由資產負債管理委員會、高級管理層風險管理委員會及董事會風險管理委員會最少每年檢討及批核，其目的為確保本集團有實際及可行的計劃以應付流動資金危機。應變資金計劃是一個能夠於危機事件中管理流動資金的實用工具。其載列本集團為取得流動性及資金的可行方案及當不可預測的危機來臨時協定採取的行動。應變資金計劃包括仔細的行動步驟，以及列明各相關方的角色與職責。作為危機處理小組及其支援小組用以評估流動資金危機以於任何危機發生時執行步驟之實際指引，應變資金計劃亦包括一個完善的資產負債表到期日分析及列明所有已考慮其可靠性、優先次序及需時的潛在資金來源。

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The tables below analyse assets and liabilities of the Group as at 31 December into relevant maturing groupings based on the remaining period at the end of reporting period to the contractual maturity date.

須要求時即時償還

Repayable on demand

一個月內 Up to

one month一至三個月1-3 months

三至十二個月3-12 months

一至五年1-5 years

五年以上Over 5 years

無限期Indefinite

總計Total

千港元千港元千港元千港元千港元千港元千港元千港元二零一八年十二月三十一日 31 December 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

資產 Assets現金及在銀行同業與其他金融機構之結餘

Cash and balances with banks and other financial institutions 50,252,489 101,122,043 – – – – – 151,374,532

在銀行同業及其他金融機構之存款 Placements with banks and other financial institutions – – 63,630,572 10,586,741 – – 74,217,313

以公平價值經損益表入賬之金融資產


－其他債券 – other debt securities – – – – – 525,689 – 525,689衍生金融工具 Derivative financial instruments 227,548 784,736 858,874 2,078,651 4,236,853 958,215 – 9,144,877貸款及其他賬項 Advances and other accounts 10,705,007 15,433,226 25,037,054 104,805,533 205,738,792 114,069,781 – 475,789,393以公平價值經其他全面收益入賬金融投資 Measured at FVTOCI financial investments－庫務票據 – treasury bills 1,565,389 – 1,167,886 1,556,020 3,443,325 – 7,732,620－股票證券 – equity securities – – – – – 1,748,449 2,786,702 4,535,151－所持有之存款證 – certificates of deposit held – – – – 149,291 – – 149,291－其他債券 – other debt securities – 1,163,332 1,317,069 6,753,685 49,902,692 29,512,070 – 88,648,848－財富管理產品 – Wealth management product – – – – – – –

以攤銷成本入賬金融投資 Measured at amortised cost financial investments－庫務票據 – treasury bills – 2,510,861 8,926,081 995,045 6,874,918 733,080 – 20,039,985－所持有之存款證 – certificates of deposit held – 2,740,418 6,797,249 562,400 – – – 10,100,067－其他債券 – other debt securities – 107,826 604,272 7,648,287 19,731,341 7,983,031 – 36,074,757於聯營公司之投資 Investments in associates – – – – – – 97,984 97,984商譽及其他無形資產 Goodwill and other intangible assets – – – – – – 1,017,797 1,017,797投資物業 Investment properties – – – – – – 140,135 140,135物業及設備 Property, plant and equipment – – – – – – 901,251 901,251其他資產，包括現行及遞延所得稅資產

Other assets, including current and deferred income tax assets 298,548 3,678,836 1,336,240 4,325,554 3,032,867 124,679 331,973 13,128,697

資產總額 Total assets 61,483,592 129,106,667 108,507,411 138,923,782 291,222,774 159,098,319 5,275,842 893,618,387


Deposits from banks and other financial institutions 39,618,050 37,408,489 15,685,605 41,250,888 27,470,028 – – 161,433,060

衍生金融工具 Derivative financial instruments 32,807 883,170 1,003,093 2,207,693 2,102,567 691,057 – 6,920,387客戶存款 Deposits from customers 139,899,282 145,373,608 111,879,440 125,656,796 10,722,682 – – 533,531,808已發行存款證 Certificates of deposit issued – 2,546,806 11,282,534 11,119,041 – 24,948,381已發行債券 Debt securities in issue－指定以公平價值經損益表入賬 – Designated at fair value through profit or loss – – – 108,794 2,533,396 – – 2,642,190－以攤銷成本入賬 – At amortised cost 1,173,513 4,660,270 4,438,807 9,993,590 – – 20,266,180

以攤銷成本入賬之後償債項 Subordinated debt measured at amortised cost – – – – 3,909,718 3,915,825 – 7,825,543其他負債，包括現行及遞延所得稅負債

Other liabilities, including current and deferred income tax liabilities 2,699,136 8,013,534 1,208,061 5,097,200 469,846 293,163 952,409 18,733,349

負債總額 Total liabilities 182,249,275 195,399,120 145,719,003 189,879,219 57,201,827 4,900,045 952,409 776,300,898

流動資金缺口淨額 Net liquidity gap (120,765,683) (66,292,453) (37,211,592) (50,955,437) 234,020,947 154,198,274 4,323,433 117,317,489



下表基於報告期結束時至合約到期日之剩餘期間分析本集團於十二月三十一日之資產及負債到期分組情況。

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須要求時即時償還Repayable

on demand

一個月內 Up to

one month一至三個月

1-3 months三至十二個月

3-12 months一至五年

1-5 years五年以上

Over 5 years無限期

Indefinite總計Total

千港元千港元千港元千港元千港元千港元千港元千港元二零一七年十二月三十一日 31 December 2017 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000


Cash and balances with banks and other financial institutions 55,749,319 105,176,582 – – – – – 160,925,901

在銀行同業及其他金融機構之存款 Placements with banks and other financial institutions – – 32,910,195 45,760,789 – – – 78,670,984

指定以公平價值經損益表入賬之金融資產

Financial assets designated at fair value through profit or loss

－其他債券 – other debt securities – – – – – 731,157 – 731,157衍生金融工具 Derivative financial instruments 295,446 907,134 3,337,108 5,642,566 4,620,232 591,652 – 15,394,138貸款及其他賬項 Advances and other accounts 7,153,077 14,654,068 32,759,366 113,695,650 191,120,587 100,447,451 – 459,830,199備供銷售金融投資 Available-for-sale financial investments－庫務票據 – treasury bills – – – – 1,165,369 2,769,757 – 3,935,126－股票證券 – equity securities – – – – – – 250,364 250,364－所持有之存款證 – certificates of deposit held – 274,758 781,311 595,958 164,828 – – 1,816,855－其他債券 – other debt securities – 3,444,902 782,962 5,297,633 36,813,254 25,282,838 – 71,621,589－財富管理產品 – Wealth management product – – – – – – – –

持有至到期金融投資 Held-to-maturity financial investments－庫務票據 – treasury bills – 4,651,915 7,187,105 10,814,080 6,794,922 724,973 – 30,172,995－所持有之存款證 – certificates of deposit held – 8,408,359 5,304,409 3,049,429 – – – 16,762,197－其他債券 – other debt securities – 883,383 2,048,718 8,133,154 24,709,712 12,474,475 – 48,249,442於聯營公司之投資 Investments in associates – – – – – – 405,722 405,722商譽及其他無形資產 Goodwill and other intangible assets – – – – – – 1,017,282 1,017,282投資物業 Investment properties – – – – – – 117,407 117,407物業及設備 Property, plant and equipment – – – – – – 905,768 905,768其他資產，包括現行及遞延所得稅資產

Other assets, including current and deferred income tax assets 37,862 2,836,366 473,309 1,062,547 2,520,628 337,227 33,962 7,301,901

資產總額 Total assets 63,235,704 141,237,467 85,584,483 194,051,806 267,909,532 143,359,530 2,730,505 898,109,027


Deposits from banks and other financial institutions 30,627,215 50,142,808 36,463,220 31,982,329 28,415,539 – – 177,631,111

衍生金融工具 Derivative financial instruments 35,587 1,114,198 3,239,786 2,535,910 1,439,437 252,387 – 8,617,305客戶存款 Deposits from customers 168,633,527 115,764,838 80,457,465 112,861,210 18,573,772 20,971 – 496,311,783已發行存款證 Certificates of deposit issued – 2,954,562 38,452,470 11,193,384 38,440,126 – – 91,040,542已發行債券 Debt securities in issue－指定以公平價值經損益表入賬 – Designated at fair value through profit or loss – – – 3,320,760 3,264,422 – – 6,585,182－以攤銷成本入賬 – At amortised cost – – – 1,000 1,529,692 – – 1,530,692

以攤銷成本入賬之後償債項 Subordinated debt measured at amortised cost – – – – 3,897,774 7,800,709 – 11,698,483其他負債，包括現行及遞延所得稅負債

Other liabilities, including current and deferred income tax liabilities 3,647,954 4,647,423 943,724 2,882,052 692,763 187,647 6,326 13,007,889

負債總額 Total liabilities 202,944,283 174,623,829 159,556,665 164,776,645 96,253,525 8,261,714 6,326 806,422,987

流動資金缺口淨額 Net liquidity gap (139,708,579) (33,386,362) (73,972,182) 29,275,161 171,656,007 135,097,816 2,724,179 91,686,040



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The table below presents the cash flows payable by the Group under non-derivative financial liabilities, derivative financial liabilities that will be settled on a net basis and derivative financial instruments that will be settled on gross basis by remaining contractual maturities at the balance sheet date. The amounts disclosed in the table are the contractual undiscounted cash flows, whereas the Group manages the inherent liquidity risk based on expected undiscounted cash inflows.

The Group’s derivatives that will be settled on a net basis include:

– Foreign exchange derivatives: over-the-counter currency options; and

– Interest rate derivatives: interest rate swaps, forward rate agreements and OTC interest rate options

The Group’s derivatives that will be settled on a gross basis include:

– Foreign exchange derivatives: currency forward, currency swaps; and

– Interest rate derivatives: cross currency interest rate swaps.



下表呈列於結算日至合約到期日非衍生金融負債、將以淨額基準結算的衍生金融負債及將以總額基準結算的衍生金融工具項下本集團應付現金流量。鑑於本集團乃根據預期的未經貼現現金流入來管理內在流動資金風險，在表內所披露之金額為合約未經貼現的現金流量。

將以淨額結算的本集團衍生工具包括：

－外匯衍生工具：場外交易貨幣期權；及

－利率衍生工具：利率掉期、遠期利率協議及場外交易利率期權

將以總額結算的本集團衍生工具包括：

－外匯衍生工具：貨幣遠期買賣、貨幣掉期；及

－利率衍生工具：交叉貨幣利率掉期。

208






Repayable on demand

三個月或以下

3 months or less

三至十二個月

3-12 months

一至五年1-5

years

五年以上Over 5

years無限期

Indefinite總計

Total千港元千港元千港元千港元千港元千港元千港元

二零一八年十二月三十一日 As at 31 December 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

金融負債 Financial liabilities銀行同業及其他金融機構之存款

Deposits from banks and other financial institutions 46,188,455 59,214,859 57,291,880 22,693,462 – – 185,388,656

客戶存款 Deposits from customers 119,290,583 277,447,823 130,001,477 16,578,034 521 – 543,318,438 已發行存款證 Certificates of deposit issued – 13,345,413 10,690,318 376,789 4,370,351 – 28,782,871以公平價值經損益表入賬之已發行債券

Debt securities in issue at fair value through profit or loss – – – – – – –


Debt securities in issue at amortised cost – 51,099 344,614 17,527,137 – – 17,922,850

以攤銷成本入賬之後償債項 Subordinated debts measured at amortised cost – 659,420 1,047,447 9,535,216 5,873,738 – 17,115,821

其他金融負債 Other financial liabilities 2,798,724 11,310,565 4,744,890 295,451 1,597,136 90,541 20,837,307

金融負債總額 Total financial liabilities 168,277,762 362,029,179 204,120,626 67,006,089 11,841,746 90,541 813,365,943

衍生現金流量 Derivative cash flow以淨額結算衍生金融工具 Derivative financial instruments

settled on net basis 943 169 617,713 415,317 194,192 – 1,228,334

流入總額 Total inflows 7,287 1,690,159 7,191,212 73,334,079 150,004,189 – 232,226,926流出總額 Total outflows (6,344) (1,689,990) (6,573,499) (72,918,762) (149,809,997) – (230,998,592)

以總額結算衍生金融工具 Derivative financial instruments settled on gross basis

流入總額 Total inflows 1,276 183,406,276 73,691,765 198,566,073 55,634,114 – 511,299,504流出總額 Total outflows (857) (183,440,028) (73,662,063) (198,784,374) (55,760,032) – (511,647,354)

資產負債表外項目 Off-balance sheet items一年或以下

No later than 1 year



總計Total

二零一八年十二月三十一日 At 31 December 2018 HK$’000 HK$’000 HK$’000 HK$’000

貸款承諾 Loan commitments 168,194,627 14,220,287 34,500,417 216,915,331擔保書、授信證及其他財務融通 Guarantees, acceptances and other

financial facilities 20,572,950 – – 20,572,950

合計 Total 188,767,577 14,220,287 34,500,417 237,488,281



209







Repayable on demand

三個月或以下

3 months or less

三至十二個月

3-12 months

一至五年1-5

years

五年以上Over 5

years無限期

Indefinite總計Total

千港元千港元千港元千港元千港元千港元千港元二零一七年十二月三十一日 As at 31 December 2017 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

金融負債 Financial liabilities銀行同業及其他金融機構之存款

Deposits from banks and other financial institutions 34,659,390 100,505,868 30,467,953 25,292,018 – – 190,925,229

客戶存款 Deposits from customers 166,207,607 200,665,826 116,773,163 24,359,273 21,195 – 508,027,064已發行存款證 Certificates of deposit issued – 39,732,034 11,016,687 37,020,439 4,808,532 – 92,577,692以公平價值經損益表入賬之已發行債券

Debt securities in issue at fair value through profit or loss – – – 3,320,760 3,264,422 – 6,585,182


Debt securities in issue at amortised cost – 467,599 1,623 1,063,755 – – 1,532,977

以攤銷成本入賬之後償債項 Subordinated debts measured at amortised cost – – 559,536 5,730,859 8,334,510 – 14,624,905

其他金融負債 Other financial liabilities 3,690,050 6,511,318 2,002,208 241,418 375,294 6,326 12,826,614

金融負債總額 Total financial liabilities 204,557,047 347,882,645 160,821,170 97,028,522 16,803,953 6,326 827,099,663

衍生現金流量 Derivative cash flow以淨額結算衍生金融工具 Derivative financial instruments

settled on net basis 651 100,892 383,115 (401,988) (119,697) – (37,027)

流入總額 Total inflows 2,493 8,290,018 5,867,344 35,604,727 94,968,310 – 144,732,892流出總額 Total outflows (1,842) (8,189,126) (5,484,229) (36,006,715) (95,088,007) – (144,769,919)

以總額結算衍生金融工具 Derivative financial instruments settled on gross basis

流入總額 Total inflows 851 109,137,702 140,449,948 163,392,113 55,738,893 – 468,719,507流出總額 Total outflows (380) (109,480,013) (141,010,439) (164,279,211) (55,698,439) – (470,468,482)

資產負債表外項目 Off-balance sheet items一年或以下

No later than 1 year



總計Total

二零一七年十二月三十一日 At 31 December 2017 HK$’000 HK$’000 HK$’000 HK$’000

貸款承諾 Loan commitments 188,027,823 13,082,580 32,616,759 233,727,162擔保書、授信證及其他財務融通 Guarantees, acceptances and

other financial facilities 24,421,396 – – 24,421,396

合計 Total 212,449,219 13,082,580 32,616,759 258,148,558



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4.5 Strategy in using financial instruments

By their nature, the Group’s activities are principally related to the use of financial instruments including derivatives. The Group accepts deposits from customers at both fixed and floating rates, and for various periods, and seeks to optimise the interest margins by investing these funds in high-quality assets. The Group seeks to increase these margins generally by consolidating short-term funds and lending for longer periods at higher rates, while maintaining sufficient liquidity in the process to meet all claims that might fall due.

The Group also seeks to raise its interest margins, net of allowances, through lending to commercial and retail borrowers with a range of credit standings. Such exposures involve not just on-balance sheet loans and advances but also guarantees and other commitments such as letters of credit and performance and other bonds.

The Group also manages the risk of financial instruments by taking positions in OTC instruments to take advantage of short-term market movements in currencies, interest rates and securities prices. The management places risk limits on the level of exposure to financial products.

(a) Fair value hedgesThe Group hedges part of the existing Hong Kong dollar and foreign currency interest rate risk in its fixed rate assets by means of interest rate swaps. The net fair value of these swaps as at 31 December 2018 was HK$25 million negative (2017: HK$152 million positive).

(b) Cash flow hedgesThe Group uses interest rate swaps to protect against exposures to variability in future cash flows on non-trading assets and liabilities which bear interest at variable rates. The net fair value of these swaps as at 31 December 2018 was HK$95 million positive (2017: HK$130 million positive).


4.5 採用金融工具策略

本集團之業務性質主要與使用金融工具（包括衍生工具）有關。本集團按定息或浮息及不同年期接受客戶存款，以及透過將資金投資於高質素之資產優化息差收入。本集團尋求透過整合短期資金及按較高利率借出年期較長之款項增加此等息差收入，同時在過程中維持足夠流動資金應付到期負債的需要。

本集團亦透過向多家不同信貸級別之商業及零售借款人貸款，以獲取減除撥備後較高之息差，藉此提高息差收入。此等活動風險不只牽涉資產負債表內之貸款及其他賬項，亦包括擔保及其他承諾，例如信用證及保函及其他債券。

本集團亦通過持有場外工具之倉盤，藉貨幣、利率及證券價格之短期波動以賺取利潤，據此管理金融工具的風險。管理層就金融產品之風險水平設定交易限額。

(a) 公平價值對沖本集團透過利率掉期，對沖其定息資產之部分現有港元及外幣利率風險。此等掉期於二零一八年十二月三十一日之公平淨值為負2千5百萬港元（二零一七年：正1億5千2百萬港元）。

(b) 現金流對沖本集團使用利率掉期保障按可變利率計息的非交易資產及負債免受未來現金流量波動的風險。於二零一八年十二月三十一日，此等掉期之公平淨值為正9千5百萬港元（二零一七年：正1億3千萬港元）。

211





4.6 Fair values of financial assets and liabilities

Financial instruments measured at fair value using a valuation techniqueFair values of standardized financial assets and financial liabilities that are traded in active market are based on quoted market prices. For all other financial instruments, the Group determines fair values using valuation techniques. In general, quoted prices in active market will be used if available. When quoted prices in active markets are not available, an appropriate valuation technique will be employed.

Valuation techniques include net present value and discounted cash flow models, comparison to similar instruments for which market observable prices exist, Black-Scholes and polynomial option pricing models and other valuation models. Assumptions and inputs used in valuation techniques include risk-free and benchmark interest rates, credit spreads and other premia used in estimating discount rates, bond and equity prices, foreign currency exchange rates, equity and equity index prices and expected price volatilities and correlations. The objective of valuation techniques is to arrive at a fair value measurement that reflects the price of the financial instrument that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the reporting date.

The Group uses widely recognised valuation models for determining the fair value of the common financial instruments. The market data inputs are independent and observable in the market which avoids any manipulation of the fair values. The Group has also an established Valuation Committee to set up control framework with respect to the measurement of fair values. Valuation Committee is responsible for review of all market prices and rate sources used as well as curves, methodology and models for valuation of financial instruments.

A Credit Valuation Adjustment (CVA) is applied to the Group’s over-the-counter derivative exposures to take into account the counterparty’s risk of default when measuring the fair value of the derivatives. CVA is the mark-to-market adjustment to the fair value to reflect potential credit risk from counterparties in the Group’s over-the-counter derivative portfolio. CVA is calculated by multiplying the expected loss rates and the exposure value of the instruments at deal level.

The Group estimates the expected loss rates by referencing the historical loss rates of the counterparties at similar internal credit grading level. A Debit Valuation Adjustment (DVA) is applied to incorporate the Group’s own credit risk in the fair value of derivatives, using same methodology as for CVA.


4.6 金融資產及負債之公平價值

使用估值方法以公平價值計量之金融工具

在活躍市場上買賣之標準化金融資產及金融負債之公平價值根據市場報價釐定。至於所有其他金融工具，本集團使用估值法釐定公平價值。一般而言，如有提供活躍市場報價，將採用此一價格。如沒有提供活躍市場報價，則將採用合適的估值法。

估值法包括淨現值及貼現現金流量模型、類似工具之比較（如市場上有可觀察之價格）、柏力克–舒爾斯及多項式期權定價模型，以及其他估值法。估值法下使用之假設和輸入值包括無風險及指標利率、信貸息差及估計貼現率時所用之其他溢價、債券及股票價格、外幣匯率、股票及股票指數價格，以及預期價格波幅和相互關係。估值法之目標為達致能反映於報告日期市場參與者之間在有秩序交易下出售資產時所收取或轉讓負債時所支付之金融工具價格之公平價值計量。

本集團使用廣被認可之估值模型釐定普通金融工具之公平價值。市場數據輸入值為獨立及可在市場上觀察得出，避免任何對公平價值之操控。本集團亦已設立估值委員會，以制定計量公平價值之控制框架。估值委員會負責檢討對金融工具進行估值時所採用之全部市場價格及利率來源，以及利率曲線、估值方法和模型。

本集團之場外衍生工具持倉已加入一個信貸估值調整(CVA)因子，以於計量衍生工具之公平價值時計入交易對手違約風險。CVA是對公平價值作出按市價計值調整，以反映本集團場外衍生工具組合之交易對手潛在信用風險。CVA乃透過於將預期虧損率乘以買賣層面工具之風險價值計算。

本集團參考具有相若內部信貸級別之交易對手之歷史虧損率，估計預期之虧損率。本集團已採用一個債務估值調整(DVA)因子，以於衍生工具之公平價值內計入本集團本身之信用風險，而估值之方法與CVA相同。

212




4.6 Fair values of financial assets and liabilities (continued)

Determination of fair value hierarchyThe following table presents the fair value of the Group’s financial instruments measured at the end of the reporting period on a recurring basis, categorised into the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows:

Level 1 valuations: Fair value measured using only Level 1 inputs i.e. quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 valuations: Fair value measured using Level 2 inputs i.e inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 valuations: Fair value measured using unobservable inputs. Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available.


4.6 金融資產及負債之公平價值（續）

釐定公平價值等級根據《香港財務報告準則》第13號「公平價值計量」三級公平價值分級之分類定義，下表列示本集團於報告期結束時按重覆發生基準以釐定金融工具之公平價值。公平價值計量之等級乃參考以下估值技巧所用之輸入數據之可觀察性和重要性而分類：

等級一估值：計量公平價值只採用第一級輸入值，即於計量日在活躍市場相同資產或負債的報價。

等級二估值：計量公平價值採用第二級輸入值，即包括在等級一估值內的市場報價以外可直接或間接就資產或負債觀察所得的輸入值。

等級三估值：計量公平價值採用不可觀察輸入值。不可觀察輸入值是在未能提供相關可觀察輸入值時用以計量公平價值的輸入值。

213






Determination of fair value hierarchy (continued)

等級一等級二等級三總額Level 1 Level 2 Level 3 Total千港元千港元千港元千港元

二零一八年十二月三十一日 31 December 2018 HK$’000 HK$’000 HK$’000 HK$’000

經常性公平價值計量 Recurring fair value measurements金融資產 Financial assets衍生金融工具 Derivative financial instruments遠期外匯合約 Forward foreign exchange contracts – 3,338,499 – 3,338,499結構性外匯合約 Structured foreign exchange contracts – 391 – 391貨幣掉期 Currency swaps – 1,185,796 – 1,185,796外匯期權 FX options – 192,274 – 192,274利率掉期 Interest rate swaps – 1,677,753 – 1,677,753商品遠期 Commodity forward – 3,889 – 3,889利率期貨 Interest rate futures – 2,305 – 2,305股票掉期 Equity swaps – 2,743,970 – 2,743,970股票期權 Equity options – – – –

– 9,144,877 – 9,144,877

以公平價值經其他全面收益入賬客戶、銀行同業之貸款及其他賬項以及商業票據

Loans and advances to customers, banks and trade bills measured at fair value through other comprehensive income

客戶貸款 Advances to customers – 700,946 – 700,946商業票據 Trade bills – 11,854,473 – 11,854,473

– 12,555,419 – 12,555,419

持作交易用途金融資產 Financial assets held for trading債券 Debts securities – – – –股票 Equities – – – –

– – – –



投資基金 Investment funds – 139,622 – 139,622其他 Others – 386,067 – 386,067

– 525,689 – 525,689

以公平價值經其他全面收益入賬之金融資產

Financial assets measured at fair value through other comprehensive income

債券 Debt securities 86,951,383 9,579,376 – 96,530,759股票證券 Equity securities 790,024 882,954 2,862,173 4,535,151

87,741,407 10,462,330 2,862,173 101,065,910

金融資產總額 Total financial assets 87,741,407 32,688,315 2,862,173 123,291,895

金融負債 Financial liabilities衍生金融工具 Derivative financial instruments遠期外匯合約 Forward foreign exchange contracts – 3,356,026 – 3,356,026結構性外匯合約 Structured foreign exchange contracts – 391 – 391貨幣掉期 Currency swaps – 1,356,306 – 1,356,306外匯期權 FX options – 204,960 – 204,960利率掉期 Interest rate swaps – 1,319,190 – 1,319,190商品遠期 Commodity forward – 4,077 – 4,077利率期貨 Interest rate futures – 6,669 – 6,669股票掉期 Equity swaps – 672,768 – 672,768股票期權 Equity options – – – –

– 6,920,387 – 6,920,387

指定以公平價值經損益表入賬之金融負債

Financial liabilities designated at fair value through profit or loss

已發行債券 Debt securities in issue – 2,642,190 – 2,642,190

– 2,642,190 – 2,642,190

金融負債總額 Total financial liabilities – 9,562,577 – 9,562,577

4 財務風險管理（續）4.6 金融資產及負債之公平價值（續）

釐定公平價值等級（續）

214





Determination of fair value hierarchy (continued)

等級一等級二等級三總額Level 1 Level 2 Level 3 Total

千港元千港元千港元千港元二零一七年十二月三十一日 31 December 2017 HK$’000 HK$’000 HK$’000 HK$’000

經常性公平價值計量 Recurring fair value measurements金融資產 Financial assets衍生金融工具 Derivative financial instruments遠期外匯合約 Forward foreign exchange contracts – 6,261,779 – 6,261,779結構性外匯合約 Structured foreign exchange contracts – 1,277 – 1,277貨幣掉期 Currency swaps – 1,328,373 – 1,328,373外匯期權 FX options – 103,196 – 103,196利率掉期 Interest rate swaps – 1,097,815 – 1,097,815商品遠期 Commodity forward – – – –利率期貨 Interest rate futures – 4,128 – 4,128股票掉期 Equity swaps – 6,597,564 – 6,597,564股票期權 Equity options – 6 – 6

– 15,394,138 – 15,394,138

持作交易用途金融資產 Financial assets held for trading債券 Debts securities – – – –股票 Equities – – – –

– – – –

指定以公平價值經損益表入賬 Financial assets designated at fair value之金融資產 through profit or loss 其他 Others – 731,157 – 731,157

– 731,157 – 731,157

備供銷售金融投資 Available-for-sale financial investments債券 Debts securities 65,575,454 11,798,116 – 77,373,570股票 Equities – – 250,364 250,364財富管理產品 Wealth management products – – – –

65,575,454 11,798,116 250,364 77,623,934

金融資產總額 Total financial assets 65,575,454 27,923,411 250,364 93,749,229

金融負債 Financial liabilities衍生金融工具 Derivative financial instruments遠期外匯合約 Forward foreign exchange contracts – 6,246,844 – 6,246,844結構性外匯合約 Structured foreign exchange contracts – 1,278 – 1,278貨幣掉期 Currency swaps – 1,358,960 – 1,358,960外匯期權 FX options – 139,508 – 139,508利率掉期 Interest rate swaps – 583,374 – 583,374商品遠期 Commodity forward – – – –利率期貨 Interest rate futures – 82 – 82股票掉期 Equity swaps – 287,253 – 287,253股票期權 Equity options – 6 – 6

– 8,617,305 – 8,617,305

指定以公平價值經損益表入賬之金融負債

Financial liabilities designated at fair value through profit or loss

已發行債券 Debt securities in issue – 6,585,182 – 6,585,182

– 6,585,182 – 6,585,182

金融負債總額 Total financial liabilities – 15,202,487 – 15,202,487



釐定公平價值等級（續）

215






Movements in level 3 financial instruments measured at fair valueThe following table shows a reconciliation of the opening and closing amounts of Level 3 financial assets and liabilities which are recorded at fair value:

於二零一八年一月一日

At 1 January

2018

增添╱（出售）Addition/(disposal)

於權益內列賬之收益總額

Total gains recorded in equity

於二零一八年十二月三十一日

At 31 December

2018千港元千港元千港元千港元

HK$’000 HK$’000 HK$’000 HK$’000

金融資產 Financial assets以公平價值經其他全面收益入賬之金融投資

Financial investment measured at fair value through other comprehensive income

股票 Equities 250,364 2,940,803 (328,994) 2,862,173

等級三金融資產總額 Total level 3 financial assets 250,364 2,940,803 (328,994) 2,862,173

於二零一七年一月一日

At 1 January

2017

增添╱（出售）Addition/(disposal)

於權益內列賬之收益總額

Total gains recorded in equity

於二零一七年十二月三十一日

At 31 December

2017千港元千港元千港元千港元

HK$’000 HK$’000 HK$’000 HK$’000

金融資產 Financial assets備供銷售金融投資 Available-for-sale financial

investments債券 Debts securities – – – –股票 Equities 128,572 121,929 (137) 250,364

等級三金融資產總額 Total level 3 financial assets 128,572 121,929 (137) 250,364



按公平價值計量之等級三金融工具之變動下表載列按公平價值列賬之等級三金融資產及負債之年初餘額與年終餘額之對賬：

216





Movements in level 3 financial instruments measured at fair value (continued)Gains/losses on Level 3 financial instruments included in the income statement for the year comprise:

未變現虧損Unrealised

losses

未變現收益Unrealised

gains總額

Total千港元千港元千港元

二零一八年 2018 HK$’ 000 HK$’ 000 HK$’ 000

計入本年度收益表之收益╱ （虧損）總額

Total gains/(losses) included in income statement for the year – – –

未變現虧損Unrealised

losses

未變現收益Unrealised

gains總額Total

千港元千港元千港元二零一七年 2017 HK$’ 000 HK$’ 000 HK$’ 000

計入本年度收益表之收益╱ （虧損）總額

Total gains/(losses) included in income statement for the year – – –



按公平價值計量之等級三金融工具之變動（續）

計入本年度收益表之等級三金融工具之收益╱虧損包括：

217






Significant transfers between Level 1 and 2The following tables show significant transfers between Level 1 and Level 2 of the fair value hierarchy for financial assets and liabilities which are recorded at fair value:

由等級一轉移至等級二Transfers from Level 1 to Level 2二零一八年

十二月三十一日31 Dec 2018


31 Dec 2017千港元千港元

HK$’000 HK$’000

以公平價值經其他全面收益入賬之金融投資


債券 Debt securities – –

備供銷售金融投資 Available-for-sale financial investments債券 Debt securities – –

No financial assets were transferred from Level 1 to Level 2 as they ceased to be actively traded during the year and fair values were consequently obtained using valuation techniques using observable market inputs.

由等級二轉移至等級一Transfers from Level 2 to Level 1二零一八年

十二月三十一日31 Dec 2018


31 Dec 2017千港元千港元

HK$’000 HK$’000

以公平價值經其他全面收益入賬之金融投資


債券 Debt securities 431,615 –

備供銷售金融投資 Available-for-sale financial investments債券 Debt securities – 986,360

The above financial assets were transferred from Level 2 to Level 1 as they have been actively traded during the year and fair values were no longer obtained using valuation techniques using observable market inputs.

Transfers between levels of the fair value hierarchy are deemed to occur at the end of the reporting period.



等級一與等級二之間的重大轉移下表列出按公平價值列賬之金融資產及負債的公平價值等級中，等級一與等級二之間的重大轉移：

沒有金融資產由等級一轉移至等級二，是因為該等資產於本年度已不再有活躍交易，相關公平價值乃於其後運用可觀察的市場輸入數據而以估值方法取得。

上列金融資產由等級二轉移至等級一，是因為該等資產於本年度有活躍交易，相關公平價值已經不再運用可觀察的市場輸入數據以估值方法取得。

在公平價值等級之間的轉移被視為於報告期結束時發生。

218





Financial instruments not measured at fair valueThe fair values of financial assets and liabilities are estimated as follows:

(a) Balances and placements with banks and other financial institutionsThe fair values of floating rate placements and overnight deposits are their carrying amounts. The estimated fair value of fixed interest-bearing deposits, all of which are less than one year, is based on the discounted cash flows using prevailing money-market interest rates and the remaining maturity. Therefore, the fair value is approximately equal to the carrying value.

(b) Advances and other accounts measured at amortised costAdvances and other accounts are net of allowances for impairment. All items, except a very insignificant portion of loans and advances to customers, bear interest at a floating rate. The Group has assessed the fair values of loans and advances to customers and banks, after taking into account the relevant market interest rates and net of allowances for impairment. noted that the total fair value is not materially different from the total carrying value.

(c) Investment measured at amortised costThe fair value of investment measured at amortised cost determined with reference to the available market value. If quoted market prices are not available, then the fair value is estimated on the basis of pricing models or using other valuation techniques.

(d) Deposits and balances from customers, banks and other financial institutionsThe estimated fair value of deposits and balances with no stated maturity is the amount repayable on demand. The fair value of those balances having an interest at a floating rate is their carrying value.

The estimated fair values of the fixed interest-bearing deposits of banks and deposits from customers without quoted market prices is based on discounted cash flows using interest rates for new debts with similar remaining maturity. As their maturity is normally less than one year from the end of the reporting period, their fair values are approximately equal to their carrying values.



並非以公平價值計量之金融工具金融資產及負債之公平價值估計如下：

(a) 在銀行同業及其他金融機構之結餘及存款浮息存款和隔夜存款的公平價值即其賬面值，固定利率存款（存款期少於一年）的估計公平價值，是基於貼現現金流量按現行貨幣市場利率及剩餘年期計算。因此，其公平價值約等於其賬面值。

(b) 以攤銷成本入賬貸款及其他賬目貸款及其他賬目在扣除減值撥備後列賬。除小部分客戶貸款及其他賬項外，其餘額均以浮動利率計息。本集團評估客戶及銀行同業之貸款及其他賬項之公平價值時已考慮相關之市場利率及扣除減值撥備，並注意到公平價值總額與賬面總值並無重大差異。

(c) 以攤銷成本入賬投資以攤銷成本入賬投資的公平價值乃參照可用市值釐定。如市場報價並不可用，則公平價值根據定價模式或其他估值方法估計。

(d) 來自客戶、銀行同業及其他金融機構之存款及結餘未註明到期日的存款及結餘的估計公平價值為要求時需償還的金額，該等浮息結餘的公平價值即為其賬面值。

定息同業存款及客戶存款而無市場報價，其估計公平價值是基於貼現現金流量採用同類剩餘到期日的新債務利率計算，由於該等結餘期限自報告期結束時起計通常少於一年，其公平價值約等於其賬面值。

219






Financial instruments not measured at fair value (continued)(e) Certificates of deposit issued

The Group has assessed the fair value of certificates of deposit issued after taking into account the relevant yield curve and noted that the total fair value is not materially different from the total carrying value.

(f) Other assets and other liabilitiesThe estimated fair value of the other assets and other liabilities, which are normally non-interest-bearing, is their carrying values.

The carrying amounts of the Group’s financial instruments carried at cost or amortised cost are not materially different from their fair values as at 31 December 2018 and 2017 except for the following financial instruments, for which their carrying amounts and fair value and the level of fair value hierarchy are disclosed below:

賬面值 Carrying

amount公平價值Fair value

等級一 Level 1

等級二Level 2

等級三 Level 3

千港元千港元千港元千港元千港元二零一八年 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

金融負債 Financial liabilities以攤銷成本入賬後償債項 Subordinated debts measured

at amortised cost 7,825,543 8,013,697 4,021,200 3,992,497 –

賬面值Carrying

amount公平價值Fair value

等級一Level 1

等級二Level 2

等級三Level 3

千港元千港元千港元千港元千港元二零一七年 2017 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

金融負債 Financial liabilities以攤銷成本入賬後償債項 Subordinated debts measured

at amortised cost 11,698,483 11,967,021 8,059,971 3,907,050 –



並非以公平價值計量之金融工具（續）(e) 已發行存款證

本集團評估已發行存款證之公平價值時已考慮相關之收益率曲線，並注意到公平價值總額與賬面值總額並無重大差異。

(f) 其他資產及其他負債其他資產及其他負債一般不帶有利息，其估計公平價值為其賬面值。

本集團以成本或攤銷成本入賬之金融工具賬面值，與其於二零一八年及二零一七年十二月三十一日之公平價值並無重大差距，惟以下金融工具除外。該等金融工具之賬面值及公平價值以及所屬之公平價值等級披露如下：

220




4.7 Fair values of non-financial assets and liabilities

Fair value hierarchyThe following table presents the fair value of the Group’s bank premises and properties and investment properties measured at the end of the reporting period on a recurring basis, categorised into the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows:

Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date

Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available

Leve l 3 va luat ions : Fa ir va lue measured us ing s igni f icant unobservable inputs

Fair value at 31 December 2018

等級一等級二等級三Level 1 Level 2 Level 3

千港元千港元千港元千港元HK$’000 HK$’000 HK$’000 HK$’000

經常性公平價值計量 Recurring fair value measurement銀行物業和房產 Bank premises and properties 627,090 – – 627,090投資物業 Investment properties 140,135 – – 140,135

Fair value at 31 December 2017

等級一等級二等級三Level 1 Level 2 Level 3


經常性公平價值計量 Recurring fair value measurement銀行物業和房產 Bank premises and properties 645,804 – – 645,804投資物業 Investment properties 117,407 – – 117,407

During the year ended 31 December 2018, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3. The Group’s policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur.


4.7 非金融資產及負債之公平價值

公平價值等級下表呈列於報告期結束時按經常性基準計量本集團之銀行物業和房產以及投資物業之公平價值，並按《香港財務報告準則》第13號「公平價值計量」界定之三個公平價值等級進行分類。公平價值計量之等級乃參考以下估值技巧所用之輸入數據之可觀察性和重要性而分類：

等級一估值：計量公平價值只採用第一級輸入值，即於計量日在活躍市場相同資產或負債的報價（未調整）。

等級二估值：計量公平價值採用第二級輸入值，即不符合等級一的可觀察輸入值，及不使用主要的不可觀察輸入值。不可觀察輸入值為無提供市場數據的輸入值。

等級三估值：計量公平價值使用主要不可觀察輸入值。

於二零一八年十二月三十一日之公平價值

於二零一七年十二月三十一日之公平價值

截至二零一八年十二月三十一日止年度，等級一及等級二之間並無轉移，亦無轉入或轉出等級三之項目。本集團之政策為於轉移發生之報告期間結束時確認公平價值等級之間之轉移。

221





4.7 Fair values of non-financial assets and liabilities (continued)

Fair value hierarchy (continued)All of the Group’s investment properties and bank premises and properties were revalued as at 31 December 2018. The valuations on the Banks’s investment properties and bank premises and properties were carried out by an independent professionally qualified valuer, A.G. Wilkinson & Associates. The investment properties and bank premises and properties of the Bank’s subsidiary were carried out by an independent professionally qualified valuer in the Mainland China, Shenzhen GuoZhongLian Asset and Real Estate Appraisal Consulting Co., Ltd. The valuers are with recent experience in the location and category of property being valued. The Group’s management has discussion with the surveyors on the valuation assumptions and valuation results when the valuation is performed at each interim and annual reporting date.

Information about Level 3 fair value measurements

估值方法Valuation techniques

不可觀察輸入值Unobservable input

範圍Range

投資物業－香港投資法市場收益率－中國內地貼現現金流量風險調整貼現率

預期市場租金增長預期出租率

Investment properties– Hong Kong Investment method Market yield 2.65% – 2.95%– Mainland China Discount cash flow Risk adjusted discount rate 4.7%

Expected market rental growth 3% – 5%Expected occupancy rate 95%

銀行物業和房產－香港直接比較法物業特點之溢價╱（折讓）－中國內地方法1 貼現現金流量風險調整貼現率

預期市場租金增長預期出租率

－中國內地方法2 直接比較法市場價貼現率

Bank premises and properties – Hong Kong Direct comparison approach Premium/(discount) on

characteristic of the properties9.87% to (17.54%)

– Mainland China method 1 Discount cash flow Risk adjusted discount rate 4.5%Expected market rental growth 5%Expected occupancy rate 97%

– Mainland China method 2 Direct comparison approach Market value discount rate 6%


4.7 非金融資產及負債之公平價值（續）

公平價值等級（續）本集團所有投資物業以及銀行物業和房產於二零一八年十二月三十一日重新估值。本銀行投資物業以及銀行物業和房產之估值由獨立專業合資格估值師韋堅信測量師行有限公司進行。本銀行附屬公司投資物業以及銀行物業和房產之估值由中國內地之獨立專業合資格估值師深圳市國眾聯資產評估土地房地產估價諮詢有限公司進行。此等估值師均具備所估值物業所在地點和物業類別之近期估值經驗。本集團之管理層已與測量師就於各中期及年度報告日期進行估值時所用之估值假設及估值結果進行討論。

關於等級三公平價值計量之資料

222





Information about Level 3 fair value measurements (continued)For investment properties classified under level 3, the fair values are valued by:

i) investment method of valuation and have assessed the contractual rental income and the expected future market rental income after allowing for outgoings and maintenance requirements at appropriate market yields as perceived in the actual market; and

ii) discounting a projected cash flow series associated with the properties using risk adjusted discount rates. The valuation takes into account expected market rental growth and occupancy rate of the respective properties. The discount rates used have been adjusted for the quality and location of the buildings and the tenant credit quality. The fair value measurement is positively correlated to the expected market rental growth and the occupancy rate, and negatively correlated to the risk adjusted discount rates.

For bank premises and properties classified under level 3, the fair values are determined by:

i) discounting a projected cash flow series associated with the properties using risk adjusted discount rates. The valuation takes into account expected market rental growth and occupancy rate of the respective properties. The discount rates used have been adjusted for the quality and location of the buildings and the tenant credit quality. The fair value measurement is positively correlated to the expected market rental growth and the occupancy rate, and negatively correlated to the risk-adjusted discount rates; and

ii) using direct comparison approach to value properties in their respective existing states and uses on the market basis assuming sale with immediate vacant possession and by making reference to comparable sales evidence. The valuations take into account the characteristic of the properties which included the location, size, shape, view, floor level, year of completion and others factors collectively. Higher premium for properties with higher characteristic will result in a higher fair value measurement.



關於等級三公平價值計量之資料（續）就分類為等級三之投資物業而言，公平價值以下列方法估值：

i) 以投資法進行估值，並評估了合約租金收入和預期未來市值租金收入（於按實際市場之預期適用市場收益率就支出和維修保養需要作出撥備後）；及

ii) 使用風險調整貼現率，將與該等物業有關之預測現金流量貼現。估值計及各物業之預期市值租金增長率和出租率。所用之貼現率已就樓宇之質素和所在地點以及租戶之信貸質素作出調整。公平價值計量與預期市值租金增長率及出租率成正比關係，並與風險調整貼現率成反比關係。

就分類為等級三之銀行房產及物業而言，公平價值乃按以下方式釐定：

i) 使用風險調整貼現率，將與該等物業有關之預測現金流量貼現。估值計及各物業之預期市值租金增長率和出租率。所用之貼現率已就樓宇之質素和所在地點以及租戶之信貸質素作出調整。公平價值計量與預期市值租金增長率及出租率成正比關係，並與風險調整貼現率成反比關係；及

ii) 使用直接比較法按各物業之現行狀況和用途，假設可即時交吉出售及參考可比較之銷售，以市場基準進行估值。估值已計及物業之特點，包括地點、面積、形狀、景觀、樓層、落成年份和其他因素，從整體上考慮。因有較佳特點而獲評較高溢價之物業將有較高之公平價值計量。

223






Information about Level 3 fair value measurements (continued)The movements during the period in the balance of these Level 3 fair value measurements are as follows

銀行房產及物業： Bank premises and properties:千港元

HK$’000

於二零一八年一月一日 At 1 January 2018 645,804年內增添 Addition for the year –轉入投資物業 Transferred to investment properties (24,000)匯率調整 Exchange adjustment 1,581年內折舊支出 Depreciation charge for the year (17,253)重估盈餘 Surplus on revaluation 20,958

於二零一八年十二月三十一日 At 31 December 2018 627,090

千港元銀行房產及物業： Bank premises and properties: HK$’000

於二零一七年一月一日 At 1 January 2017 655,436年內增添 Addition for the year –轉入投資物業 Transferred to investment properties (34,500)匯率調整 Exchange adjustment 19,135年內折舊支出 Depreciation charge for the year (17,346)重估盈餘 Surplus on revaluation 23,079

於二零一七年十二月三十一日 At 31 December 2017 645,804

千港元投資物業： Investment properties: HK$’000

於二零一八年一月一日 At 1 January 2018 117,407由銀行房產及物業轉入 Transferred from bank premise and properties 24,000公平價值調整 Fair value adjustment 700匯率調整 Exchange adjustment (1,972)

於二零一八年十二月三十一日 At 31 December 2018 140,135

千港元投資物業： Investment properties: HK$’000

於二零一七年一月一日 At 1 January 2017 79,658由銀行房產及物業轉入 Transferred from bank premises and properties 34,500公平價值調整 Fair value adjustment 500匯率調整 Exchange adjustment 2,749

於二零一七年十二月三十一日 At 31 December 2017 117,407



關於等級三公平價值計量之資料（續）等級三公平價值計量結餘之期間內之變動如下

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4.8 Capital management

The Group’s objective for managing capital is to allocate capital in an efficient and risk-based approach to optimise risk-adjusted return to the shareholders. The Group periodically reviews its capital structure and maintains a strong capital base to support the development of its business. The privatisation of the Bank in 2010 facilitates greater responsiveness than before to the Group’s need for capital injection from the Parent Bank as and when it arises. This was evidenced by the various capital injections from the Parent Bank thereafter. At the same time, the credit standing of the Bank is also enhanced as a result of the privatisation, which enables the Bank to raise supplementary capital from the capital market in a more cost-efficient manner than before.

The Group manages its capital to execute its strategic business plans and support its growth and investments in an efficient way. The Group adjusts its business and lending strategy from time to time to optimise its risk-return profile. To ensure compliance with regulatory requirements, detailed capital management and capital adequacy ratio management policies have been drawn up by the Bank.

The HKMA requires the Bank to maintain a prescribed ratio of total regulatory capital to risk-weighted assets (the CAR). Certain subsidiaries of the Group are also subject to statutory capital requirements from other regulatory authorities, such as the Hong Kong Securities and Futures Commission. Capital adequacy and the use of regulatory capital are closely monitored by the Management, employing techniques based on the Capital Rules. The required information is filed with the HKMA on a quarterly basis. The disclosure of capital adequacy and capital base are shown in Note 1 of the Supplementary Financial Information.

During the two years ended 31 December 2018 and 2017, the Group complied with all of the capital requirements externally imposed by the HKMA.


4.8 資本管理

本集團之資本管理目標是以有效及風險為本之方法調撥資本，以優化給予股東之經風險調整回報。本集團定期審閱其資本架構及維持堅實之資本基礎以支持其業務長遠發展。自本銀行於二零一零年私有化後，本集團對獲母行注資的需求得到比以前更重視的反應，而母行於其後的多項注資即為明證。與此同時，本銀行的信貸評級亦因為私有化而獲得提升，讓本銀行可以通過比以前更符合成本效益的方式從資本市場籌集附加資本。

本集團透過管理其資本，有效地執行其策略性業務計劃，以及支持其增長和投資。本集團不時調整其業務策略及放貸方針，以優化其風險回報組合。為確保遵守監管規定，本銀行已編製詳盡的資本管理和資本充足比率管理政策。

香港金融管理局要求本銀行維持規定的監管資本總額與加權風險資產之比例（資本充足比率）。本集團之若干附屬公司亦須符合其他監管機構如香港證券及期貨事務監察委員會所制定之法定資本規定。資本充足狀況及監管資本之運用由本銀行管理層以資本規則所訂定之方法執行緊密之監察。所需資料按季度提交予香港金融管理局。資本充足狀況及資本基礎之披露載於附加財務資料附註1。

於截至二零一八年及二零一七年十二月三十一日止兩個年度內，本集團遵守了香港金融管理局對外頒布之所有資本規定。

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4.9 Operational risk management

Operational risk is the risk of unexpected financial losses resulting from inadequate or failed internal processes, people, systems or from external events. The Group follows the definition by BASEL Committee which includes legal risk, but excludes strategic and reputation risks. Operational Risk is inherent to every aspect of daily business operations within an organization, which covers a wide spectrum of issues and root causes. The Group adopts the “Three Lines of Defence” approach to manage operational risk. The Operational Risk Committee is established to provide adequate oversight to ensure operational risks (including technology risk) are identified, assessed, mitigated, and reported with adequate control measures and procedures. Operational risk is also monitored through the implementation of various management tools, including key risk assessment, key risk indicators, operational loss data collection and incident reporting, internal control checking, etc. The Group will keep on pursuing proactively the effective operational risk management practice in accordance with the relevant guidelines and principles issued by the BASEL Committee and the HKMA respectively.

4.10 Legal and compliance risk management

Legal risk is the risk arising from the potential that unenforceable contracts, lawsuits or adverse judgments may disrupt or otherwise negatively affect the operations or financial conditions of the Bank. Compliance risk is the potential risk of compliance sanctions, financial loss, or reputational loss that the Group may suffer as a result of violations of, or non-compliance with, applicable laws and regulations with respect to the conduct of business.

Legal and compliance staff members advise the management on legal and regulatory developments and assist the management in establishing policies, procedures and monitoring programmes to ensure compliance with relevant legal and regulatory requirements. Compliance staff conducts regular compliance checking so that the Bank can identify potential non-compliance issues and take remedial actions on a timely basis. Legal and compliance staff also arranges regular training sessions to update staff members with relevant legal and regulatory requirements. Regular reports on related legal and compliance issues including non-compliance issues and legal and regulatory developments are presented to various Board-level Committees.

5 SEGMENT REPORTING

5.1 Class of business

The Group comprises seven operating segments. Asia Pacific Business represents the banking business in Asia Pacific Region. Corporate and investment banking mainly comprises corporate banking, the provision of debt capital market and investment banking. Commercial banking represents commercial lending and trade financing. Retail banking represents retail banking, hire purchase and leasing, and credit card business. Global markets and trading represents foreign exchange, money market and capital market activities. Institutional banking represents financial institution business. Chinese Mercantile Bank represents the business of the Bank’s subsidiary in Mainland China. Unallocated items mainly comprise the central management unit, bank premises, inter-segment elimination entries and any items which cannot be reasonably allocated to specific operating segments.


4.9 業務操作風險管理

業務操作風險指因缺乏或失誤之內部程序、人員、系統或外部事件而造成意料之外之財務虧損之風險。本集團跟隨巴塞爾資本協定委員會作出之定義，包括法律風險，惟不包括策略及名譽風險。每家機構的日常業務運作均存在業務操作風險，分布於各個不同層面，及由多個不同的成因造成。本集團採用「三重防禦」方法管理業務操作風險。操作風險委員會提供足夠的監督，以確保透過足夠的監控措施和程序，識別、評估、減低及報告業務操作風險（包括科技風險）。本銀行亦透過執行各種管理工具，包括主要風險評估、主要風險指標、收集營運損失數據及事件報告、內部控制制度等，監察業務操作風險。本集團將根據巴塞爾資本協定委員會和香港金融管理局分別發出的相關指引和原則，堅持實行主動積極的業務操作風險管理。

4.10 法律及合規風險管理

法律風險為本銀行因無法依法強制執行合約、法律訴訟或不利的判決而產生的風險，可能會干擾或對本銀行的業務操作或財政狀況造成負面影響。合規風險為本集團因違反或不符合與經營業務有關之適用法律及規例而可能遭受之合規制裁、財務虧損或名譽損失的潛在風險。

法律及合規職員就法律及法規發展給予管理層意見及協助其建立政策、程序及監控系統以確保符合相關之法律及法規要求。合規職員會執行定期合規檢查，以使本銀行能識別潛在違規事項並及時採取補救措施。法律及合規職員亦定期安排培訓以更新職員對相關法律及法規規定之知識，並就相關法律及合規事宜，包括違規事項以及法律和法規發展等向行政委員會作出定期報告。

5 分部報告

5.1 業務種類

本集團包括七個經營分部。亞太業務主要包括亞太地區銀行業務。企業及投資銀行業務主要包括企業銀行、債務資本市場及投資銀行業務。商業銀行業務指商業借貸及貿易融資。零售銀行業務指零售銀行、租購和信用卡業務。金融市場業務指外匯、貨幣市場及資本市場業務。機構銀行業務主要包括金融機構業務。華商銀行主要包括本銀行於內地附屬公司之業務。未分類項目主要包括中央管理部、銀行物業、分部間抵銷項目及不能合理地分配至特定經營分部的任何項目。

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5 SEGMENT REPORTING (continued)

5.1 Class of business (continued)

亞太區業務Asia-

Pacific Business

企業與投資銀行

Corporate and

investment banking

商業銀行Commercial

banking

零售銀行Retail

banking

金融市場部Global

markets and trading

機構銀行Institutional

banking

華商銀行Chinese

Mercantile Bank

未分類Unallocated

總計Total

千港元千港元千港元千港元千港元千港元千港元千港元千港元二零一八年十二月三十一日 31 December 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

淨利息收入 Net interest income 352,532 1,170,219 2,578,720 1,683,366 995,458 1,147,892 2,399,704 1,297,377 11,625,268

收費及佣金收入 Fee and commission income 94,446 570,638 616,688 881,788 1 303,715 190,239 110,849 2,768,364收費及佣金支出 Fee and commission expense (305) (9,338) (11,665) (343,116) – (391) (7,823) – (372,638)

收費及佣金收入淨額 Net fee and commission income 94,141 561,300 605,023 538,672 1 303,324 182,416 110,849 2,395,726

淨交易收入╱（支出） Net trading income/(expense) 8,705 89,962 212,971 167,274 (119,100) 60,591 7,044 (297,994) 129,453指定以公平價值經損益表入賬金融資產及負債收益淨額

Net gain on financial assets and liabilities designated at fair value through profit or loss – – – – 307,742 – 6,613 – 314,355

來自金融投資之股息收入 Dividend income from financial investments – – – – – – – 8,835 8,835其他營業收入 Other operating income – – 86 203 – – 30,117 232,896 263,302

營業收入 Operating income 455,378 1,821,481 3,396,800 2,389,515 1,184,101 1,511,807 2,625,894 1,351,963 14,736,939營業支出 Operating expenses (97,817) (217,765) (636,562) (1,443,985) (354,385) (245,395) (430,749) (26,968) (3,453,626)

未扣除減值損失之營業溢利 Operating profit before impairment losses 357,561 1,603,716 2,760,238 945,530 829,716 1,266,412 2,195,145 1,324,995 11,283,313金融資產減值損失淨額 Net impairment losses on financial asset (47,849) 67,493 (410,123) (56,607) 21,135 88,782 (401,083) (490,539) (1,228,791)

扣除減值損失之營業溢利 Operating profit after impairment losses 309,712 1,671,209 2,350,115 888,923 850,851 1,355,194 1,794,062 834,456 10,054,522重估投資物業收益 Revaluation gain on investment properties – – – – – – – 700 700物業及設備之虧損淨額 Net loss from property, plant and equipment – – (6) (2,223) – – (755) (2,104) (5,088)出售以公平價值經其他全面收益入賬金融投資之收益淨額

Net gain on disposal financial assets at fair value through other comprehensive income – – – – 270,948 – 58,137 – 329,085

出售持有至到期金融投資之收益淨額

Net gain on disposal of held-to-maturity financial investments – – – – – – – – –

營業溢利 Operating profit 309,712 1,671,209 2,350,109 886,700 1,121,799 1,355,194 1,851,444 833,052 10,379,219應佔聯營公司溢利 Share of profits of an associate – – – – – – – 12,390 12,390

除稅前溢利 Profit before tax 309,712 1,671,209 2,350,109 886,700 1,121,799 1,355,194 1,851,444 845,442 10,391,609

分部資產 Segment assets 23,469,028 89,963,561 140,884,029 81,489,222 151,128,733 34,900,014 144,310,151 227,375,660 893,520,398於聯營公司之權益 Interest in associates – – – – – – – 97,989 97,989

總資產 Total assets 23,469,028 89,963,561 140,884,029 81,489,222 151,128,733 34,900,014 144,310,151 227,473,649 893,618,387

總負債 Total liabilities 18,680,804 69,394,470 127,992,592 203,407,644 8,975,083 99,346,811 130,599,749 117,903,745 776,300,898

資本性支出 Capital expenditure 44 116 864 45,914 527 556 15,754 50,654 114,429折舊及攤銷費用 Depreciation and amortisation charge 82 106 985 46,720 2,748 209 15,813 42,598 109,261

5 分部報告（續）

5.1 業務種類（續）

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5.1 業務種類（續）


5.1 Class of business (continued)

亞太區業務 Asia-

Pacific Business

企業與投資銀行Corporate

and investment

banking

商業銀行Commercial

banking

零售銀行Retail

banking

金融市場部Global

markets and trading

機構銀行Institutional

banking

華商銀行Chinese

Mercantile Bank

未分類Unallocated

總計Total

千港元千港元千港元千港元千港元千港元千港元千港元千港元二零一七年十二月三十一日 31 December 2017 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

淨利息收入 Net interest income 221,144 1,024,623 2,539,895 1,479,630 1,111,824 874,778 2,213,714 585,957 10,051,565

收費及佣金收入（重列） Fee and commission income (restated) 127,095 401,967 839,001 756,277 11 265,686 239,758 44,209 2,674,004收費及佣金支出 Fee and commission expense – (13,407) (11,659) (269,263) – (95) (4,045) – (298,469)

收費及佣金收入淨額 Net fee and commission income 127,095 388,560 827,342 487,014 11 265,591 235,713 44,209 2,375,535

淨交易收入╱（支出） Net trading income/(expense) 5,294 70,638 286,125 130,784 124,867 91,451 (175,877) (455,492) 77,790指定以公平價值經損益表入賬金融資產及負債收益淨額

Net gain on financial assets and liabilities designated at fair value through profit or loss – – – – 66,397 – 3,002 – 69,399

來自金融投資之股息收入 Dividend income from financial investments – – – – – – – 8,109 8,109其他營業收入（重列） Other operating income (restated) – – 528 794 46 79 7,654 43,328 52,429

營業收入 Operating income 353,533 1,483,821 3,653,890 2,098,222 1,303,145 1,231,899 2,284,206 226,111 12,634,827營業支出 Operating expenses (70,730) (187,842) (563,787) (1,241,752) (314,187) (190,533) (383,519) (111,365) (3,063,715)

未扣除減值損失之營業溢利 Operating profit before impairment losses 282,803 1,295,979 3,090,103 856,470 988,958 1,041,366 1,900,687 114,746 9,571,112金融資產減值損失淨額 Net impairment losses on financial asset (41,334) (216,772) (78,308) (89,510) 4,964 (42,446) (93,888) (22,501) (579,795)

扣除減值損失之營業溢利 Operating profit after impairment losses 241,469 1,079,207 3,011,795 766,960 993,922 998,920 1,806,799 92,245 8,991,317重估投資物業收益 Revaluation gain on investment properties – – – – – – – 500 500物業及設備之虧損淨額 Net loss from property, plant and equipment – – (2) (1,730) – – – (1,594) (3,326)出售備供銷售金融投資之收益淨額 Net gain on disposal of available-for-sale

financial investments – – – – 360,594 – 7,759 69,791 438,144出售持有至到期金融投資之收益淨額

Net gain on disposal of held-to-maturity financial investments – – – – 31,676 – – – 31,676

營業溢利 Operating profit 241,469 1,079,207 3,011,793 765,230 1,386,192 998,920 1,814,558 160,942 9,458,311應佔聯營公司（虧損）╱溢利 Share of (loss)/profits of an associate – – – – – – – 22,396 22,396

除稅前溢利 Profit before tax 241,469 1,079,207 3,011,793 765,230 1,386,192 998,920 1,814,558 183,338 9,480,707

分部資產 Segment assets 19,704,336 85,850,838 142,638,402 70,172,180 166,711,370 41,036,441 153,472,215 218,117,523 897,703,305於聯營公司之權益 Interest in associates – – – – – – – 405,722 405,722

總資產 Total assets 19,704,336 85,850,838 142,638,402 70,172,180 166,711,370 41,036,441 153,472,215 218,523,245 898,109,027

總負債 Total liabilities 17,224,347 70,986,014 112,146,178 174,751,431 11,604,859 89,262,294 140,800,952 189,646,912 806,422,987

資本性支出 Capital expenditure 207 57 165 25,612 631 59 7,506 24,948 59,185折舊及攤銷費用 Depreciation and amortisation 72 112 951 48,062 4,359 789 17,756 42,882 114,983

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5.2 按地域劃分

本集團主要在香港經營業務。按主要營業地點劃分之地域分析如下：

於二零一八年或二零一七年，概無與單一外部客戶或對手交易之收入佔本集團總收入10%或以上。


5.2 Geographical area

The Group operates predominantly in Hong Kong. The geographical analysis, which has been classified by the location of the principal operations, is as follows:

香港Hong Kong

除香港以外之亞太地區Asia Pacific

(excluding Hong Kong)

綜合Consolidated

千港元千港元千港元二零一八年 2018 HK$’000 HK$’000 HK$’000

營業收入 Operating income 12,105,380 2,631,559 14,736,939除稅前溢利 Profit before tax 8,530,163 1,861,446 10,391,609資產總額 Total assets 749,313,796 144,304,591 893,618,387負債總額 Total liabilities 645,702,323 130,598,575 776,300,898或然負債及承擔 Contingent liabilities and commitments 205,855,018 31,633,263 237,488,281

年內資本性支出 Capital expenditure during the year 98,675 15,754 114,429

香港Hong Kong

除香港以外之亞太地區Asia Pacific (excluding

Hong Kong)綜合

Consolidated千港元千港元千港元

二零一七年 2017 HK$’000 HK$’000 HK$’000

營業收入 Operating income 10,335,425 2,299,402 12,634,827除稅前溢利 Profit before taxation 7,647,533 1,833,174 9,480,707資產總額 Total assets 744,641,795 153,467,232 898,109,027負債總額 Total liabilities 665,620,646 140,802,341 806,422,987或然負債及承擔 Contingent liabilities and commitments 222,441,929 35,706,629 258,148,558

年內資本性支出 Capital expenditure during the year 51,679 7,506 59,185

No revenue from transactions with a single external customer or counterparty amounted to 10% or more of the Group’s total revenue in 2018 or 2017.

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6 淨利息收入

計入上述項目為已減值金融資產應計之利息收入19,310,000港元（二零一七年：37,008,000港元），但包括貸款減值損失之利息折扣轉回17,070,000港元（二零一七年：26,498,000港元）。

6 NET INTEREST INCOME


HK$’000 HK$’000

以下項目之利息收入： Interest income on:現金及在銀行同業與其他金融機構之結餘

Cash and balances with banks and other financial institutions 944,075 417,477

在銀行同業與其他金融機構之存款 Placements with banks and other financial institutions 3,849,731 1,701,261貸款及其他賬項 Advances and other accounts 17,819,770 14,339,374金融投資－備供銷售 Financial investments – available-for-sale – 2,390,262以公平價值經其他全面收益入賬投資證券

Investment securities measured at fair value through other comprehensive income 3,383,455 –

持有至到期金融投資 Held-to-maturity financial investments – 2,079,582以攤銷成本入賬投資證券 Investment securities measured at amortised cost 1,774,294 –

27,771,325 20,927,956以下項目之利息支出： Interest expense on:銀行同業及其他金融機構之存款 Deposits from banks and other financial institutions 5,012,795 3,624,401客戶存款 Deposits from customers 8,989,459 5,926,014已發行存款證 Certificates of deposit issued 1,407,360 692,501已發行債券 Debt securities in issue 141,643 287以攤銷成本入賬之後償債項 Subordinated debts measured at amortised cost 530,507 555,803其他 Others 64,293 77,385

16,146,057 10,876,391

淨利息收入 Net interest income 11,625,268 10,051,565

Included in the above is interest income accrued on impaired financial assets of HK$19,310,000 (2017: HK$37,008,000), but including unwinding of discounts on loan impairment losses of HK$17,070,000 (2017: HK$26,498,000).

230



7 收費及佣金收入淨額 7 NET FEE AND COMMISSION INCOME

（已重列）(Restated)


HK$’000 HK$’000

貸款、透支及擔保 Loans, overdrafts and guarantees 1,421,050 1,339,231證券及經紀 Securities and brokerage 368,754 275,141貿易融資 Trade finance 153,955 188,290信用卡 Credit card 409,354 313,513匯款 Remittance 92,920 87,754保險 Insurance 80,817 105,390其他零售及商業銀行服務 Other retail and commercial banking services 17,552 156,091證券安排費 Securities arrangement fee 71,120 61,397其他 Others 152,842 147,197

收費及佣金收入 Fee and commission income 2,768,364 2,674,004收費及佣金支出 Fee and commission expense (372,638) (298,469)

收費及佣金收入淨額 Net fee and commission income 2,395,726 2,375,535

其中： Of which:由非持作交易用途或以公平價值經損益表入賬金融資產或金融負債所產生之淨收費收入（不包含計算實際利率之金額）

Net fee income, other than amounts included in determining the effective interest rate, arising from financial assets or financial liabilities that are not held for trading nor at fair value through profit or loss 1,575,005 1,449,452

因本集團代表其客戶持有資產或投資之信託及其他受託人業務而產生之淨收費收入

Net fee income on trust and other fiduciary activities where the Group holds or invests on behalf of its customers

34,560 103,176


HK$’000 HK$’000

其中： Of which:按產品組成之收費及佣金收入不少於收費及佣金總額百分之十，如下：

Fee and commission income by product line constitutes not less than 10% of the total amount of fee and commission income, as follows:

－銀團貸款 – syndication loan 856,313 526,398－信用卡 – credit card 409,354 313,513－證券及經紀 – securities and brokerage 368,754 275,141－有期貸款 – term loan 321,358 474,216

231




8 NET TRADING INCOME


HK$’000 HK$’000

股權投資 Equity investments (8) (421)債券 Debt securities－持作交易用途金融資產 – financial assets held for trading 57,807 56,438－備供銷售金融投資 – available-for-sale financial investments – 20,190－以公平價值經其他全面收益

入賬投資證券– investment securities at FVTOCI

85,086 –衍生工具 Derivatives (186,637) 55,973外匯 Foreign exchange 174,609 (53,220)

130,857 78,960對沖活動之收益╱（虧損） Gain/(loss) from hedging activities公平價值對沖 Fair value hedges－對沖風險導致之對沖

項目收益╱（虧損）淨額– Net gain/(loss) on hedged items attributable to

the hedged risk 89,217 (97,529)－對沖工具（虧損）╱收益淨額 – Net (loss)/gain on hedging instruments (90,621) 96,359

(1,404) (1,170)

淨交易收入總額 Total net trading income 129,453 77,790

There is no gain or loss on financial liabilities measured at amortised cost which is included in total net trading income in 2018 (2017: Nil).

9 NET GAIN ON FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS


HK$’000 HK$’000


Financial assets at fair value through profit or loss (79,819) 3,002

以公平價值經損益表入賬之金融負債

Financial liabilities at fair value through profit or loss 394,174 66,397

以公平價值經損益表入賬之金融資產及負債淨收益總額

Total net gain on financial assets and liabilities at fair value through profit or loss 314,355 69,399

10 DIVIDEND INCOME FROM FINANCIAL INVESTMENTS


HK$’000 HK$’000

指定以公平價值經其他全面收益入賬上市權益證券之股息收入

Dividend income from listed equity securities designated at fair value through other comprehenive income – –

上市備供銷售金融投資之股息收入 Dividend income from listed available-for-sale financial investments – 244

指定以公平價值經其他全面收益入賬非上市權益證券之股息收入

Dividend income from unlisted equity securities designated at fair value through other comprehensive income 8,835 –

非上市備供銷售金融投資之股息收入 Dividend income from unlisted available-for-sale financial investments – 7,865

來自金融投資之股息收入總額 Total dividend income from financial investments 8,835 8,109

8 淨交易收入

二零一八年之淨交易收入總額中並無以攤銷成本入賬之金融負債的收益或虧損（二零一七年：無）。

9 以公平價值經損益表入賬金融資產及負債之淨收益

10 金融投資之股息收入

232



11 其他營業收入

12 營業支出

11 OTHER OPERATING INCOME

（已重列）(Restated)


HK$’000 HK$’000

管理費收入 Management fee income 247,769 40,000租金收入 Rental income 303 216投資物業之租金收入 Rental income from investment properties 2,832 3,077減：年內產生租金收入之

投資物業之直接營業支出Less: Direct operating expenses arising from investment

properties that generated rental income during the year (70) (77)其他 Others 12,468 9,213

其他營業收入總額 Total other operating income 263,302 52,429

12 OPERATING EXPENSES


HK$’000 HK$’000

員工支出： Staff costs:－薪金及其他支出 – Salaries and other costs 1,811,374 1,624,059－退休金支出 – Retirement benefit costs 84,831 82,891

1,896,205 1,706,950

物業及設備支出（不包括折舊及攤銷）：

Premises and equipment expenses, excluding depreciation and amortisation:

－物業租金 – Rental of premises 463,676 425,893－其他 – Others 224,183 174,874

687,859 600,767

折舊及攤銷支出 Depreciation and amortisation expenses 109,896 114,406審計師酬金 Auditors’ remuneration 4,982 5,382行政費用 General administration expenses 116,052 107,656推廣費用 Business promotion expenses 204,306 186,947通訊費用 Communication expenses 94,848 84,890其他營業支出 Other operating expenses 339,478 256,717

營業支出總額 Total operating expenses 3,453,626 3,063,715

233




13 RETIREMENT BENEFIT COSTS

The retirement benefit scheme cost charged to the income statement represents contributions payable by the Group to the ORSO Scheme and the MPF Scheme (the “Schemes”).

Under the Schemes , the Group’s contr ibut ions are reduced by contributions forfeited by those employees who leave the Schemes prior to the contributions vesting fully. Forfeited contributions totaling HK$9,800,000 (2017: HK$6,000,000) were utilised during the year leaving HK$828,000 (2017: HK$$381,000) available at the year-end to reduce future contributions.

No contributions were payable to the Schemes at the year-end (2017: Nil). The assets of the Schemes are held separately from those of the Group in independently administered funds.

14 NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS


HK$’000 HK$’000

貸款及其他賬項減值損失支銷 Charge for impairment losses on loans and advances 1,136,273 559,008其他金融資產減值損失支銷 Charge for impairment losses on other financial assets 92,518 20,787

金融資產減值損失淨額 Net impairment losses on financial assets 1,228,791 579,795

15 NET LOSS FROM PROPERTY, PLANT AND EQUIPMENT


HK$’000 HK$’000

出售物業及設備之虧損淨額 Net loss on disposal of property, plant and equipment (5,065) (3,302)銀行物業重估虧絀支出 Charge for revaluation deficits of bank premises (23) (24)

(5,088) (3,326)

13 退休金支出

自收益表扣除之退休金計劃支出指本集團根據職業退休金計劃及強積金計劃（「該等計劃」）須作出之供款。

根據該等計劃，本集團之員工在符合資格全數取得僱主供款前退出該等計劃，彼等將喪失有關供款而本集團之供款將相應扣減。年內已因此扣減合共9,800,000港元（二零一七年：6,000,000港元）已喪失供款，於年結日尚餘828,000港元（二零一七年：381,000港元）留作日後扣減供款之用。

於年結日並無應付予該等計劃之供款（二零一七年：無）。該等計劃之資產由基金獨立持有與本集團之資產分開管理。

14 金融資產減值損失淨額

15 物業及設備之虧損淨額

234



16 稅項

香港利得稅乃根據本年度來自香港之估計應課稅溢利按稅率16.5%（二零一七年：16.5%）準備。有關海外分行及附屬公司應課稅溢利的稅項按本集團營運所在國家的現行稅率計算。

於綜合收益表支銷的稅項金額為：

本集團有關除稅前溢利之稅項支出與假若按現行稅率而計算之理論稅額之差額如下：

16 TAX

Hong Kong profits tax has been provided at the rate of 16.5% (2017: 16.5%) on the estimated assessable profits arising in Hong Kong during the year. Taxes on profits assessable for overseas branches and subsidiaries have been calculated at the rates of tax prevailing in the countries in which the Group operates.

The amount of tax charged to the consolidated income statement represents:


HK$’000 HK$’000

本年稅項 Current tax－年內香港利得稅撥備 – Provision for Hong Kong profits tax for the year 1,532,922 1,278,522－年內海外稅項撥備 – Provision for overseas tax for the year 457,793 460,694往年撥備不足 Under-provision in respect of prior years 218,089 11,779遞延稅額 Deferred taxation (95,358) (37,646)

2,113,446 1,713,349

The difference between the tax expense for the Group’s profit before tax and the theoretical amount that would arise using the current tax rate is as follows:


HK$’000 HK$’000

除稅前溢利 Profit before tax 10,391,609 9,480,707按稅率16.5%（二零一七年：16.5%）計算

Calculated at a tax rate of 16.5% (2017: 16.5%)1,714,615 1,564,317

其他國家不同稅率之影響 Effect of different tax rates in other countries 169,137 165,193無須課稅之收入 Income not subject to tax (37,248) (56,051)就稅務而言不可扣減之支出 Expenses not deductible for tax purposes 50,897 31,805過往期間稅項調整 Adjustments in respect of current tax of previous periods 218,089 11,779分佔聯營公司稅項 Share of tax of an associate (2,044) (3,694)

稅項支出 Tax charge 2,113,446 1,713,349

235




17 董事酬金

根據香港公司條例第383(1)條及公司（披露董事利益資料）規例第2部分披露的董事酬金如下：

薪酬制度

本銀行的政策是根據本銀行的表現和行業慣例維持公允公平並且在市場具競爭力的薪酬組合。

向非執行董事支付的袍金水平是參照多項因素釐定，譬如其他機構所支付的袍金以及非執行董事的工作範圍及其付出。

釐定執行董事的薪酬組合時已考慮以下因素：

• 業務需要• 業務表現• 經濟及市場情況• 以往和將來對本銀行業務的個人貢獻

• 本銀行的整體風險及其他非財務因素

為免產生利益衝突，董事將不會參與釐定本身的薪酬。

17 DIRECTORS’ EMOLUMENTS

Directors’ emoluments disclosed pursuant to section 383(1) of Hong Kong Companies Ordinance and part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation are as follows:


HK$’000 HK$’000

袍金 Fees 3,066 3,010其他酬金： Other emoluments:薪金及津貼 Salaries and allowances 3,673 6,793酌情花紅 Discretionary bonuses 2,185 2,228公積金供款（定義見附註13） Contribution to the Schemes (as defined in Note 13) 493 503

9,417 12,534

Remuneration system

It is the Bank’s policy to maintain a fair, equitable and market competitive remuneration packages based on the Bank’s performance and industry practice.

The level of fees paid to Non-executive Directors is determined by factors such as fees paid by others institutions, and the Non-executive Directors’ scope of work and efforts.

In determining the remuneration packages of Executive Directors, the following factors are considered:

• Business needs• Business performance• Economic and market situation• Individual contributions to the Bank’s business in the past and

future• Overall risk and non-financial factors of the Bank

To avoid conflict of interest, the Directors will not be involved in the determination of his own remuneration.

236



18 股息

董事會建議不派付截至二零一八年十二月三十一日止年度的股息（二零一七年：無）。

19 每股盈利

本年度每股基本盈利數額乃按本銀行股東應佔年內溢利除以年內已發行普通股之加權平均數計算。

由於本集團於截至二零一八年十二月三十一日及二零一七年十二月三十一日止年度並無已發行潛在攤薄普通股，故該等年度之每股攤薄盈利金額與每股基本盈利相同。

18 DIVIDENDS

The Board has not recommended the payment of dividend for the year ended 31 December 2018 (2017: Nil).

19 EARNINGS PER SHARE

Basic earnings per share amount is calculated by dividing the profit for the year attributable to equity holders of the Bank by the weighted average number of ordinary shares in issue during the year.

2018 2017

股東應佔溢利（千港元） Profit attributable to shareholders (HK$’ 000) 8,278,163 7,767,358

已發行普通股之加權平均數（千股） Weighted average number of ordinary shares in issue (thousands) 2,577,000 2,577,000

每股基本盈利（港元） Basic earnings per share (HK$) 3.21 3.01

Diluted earnings per share amount for the year ended 31 December 2018 and 31 December 2017 were the same as basic earnings per share, as the Group had no potentially dilutive ordinary shares in issue during those years.

237




20 會計分類 20 ACCOUNTING CLASSIFICATIONS

持作交易用途Held for trading

持作對沖用途Held for hedging


Measured at fair value

through profit or loss

以公平價值經其他

全面收益入賬Measured at

FVTOCI

以攤銷成本入賬

Measured atamortised

Cost總計

Total千港元千港元千港元千港元千港元千港元

於二零一八年十二月三十一日 At 31 December 2018 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000


Cash and balances with banks and other financial institutions – – – – 151,374,532 151,374,532


Placements with banks and other financial institutions – – – – 74,217,313 74,217,313

衍生金融工具 Derivative financial instruments 8,834,108 310,769 – – 9,144,877貸款及其他賬項 Advances and other accounts – – – 12,555,419 463,233,974 475,789,393金融投資 Financial investments – – 525,689 101,065,910 66,214,809 167,806,408其他資產 Other assets – – – – 12,378,929 12,378,929

金融資產總值 Total financial assets 8,834,108 310,769 525,689 113,621,329 767,419,557 890,711,452

非金融資產 Non-financial assets 2,906,935

資產總額 Total assets 893,618,387


Deposits from banks and other financial institutions – – – – 161,433,060 161,433,060

衍生金融工具 Derivative financial instruments 6,678,187 242,200 – – – 6,920,387客戶存款 Deposits from customers – – – – 533,531,808 533,531,808已發行存款證 Certificates of deposit issued – – – – 24,948,381 24,948,381已發行債券 Debt securities in issue – – 2,642,190 – 20,266,180 22,908,370以攤銷成本入賬之後償債項

Subordinated debts measured at amortised cost – – – – 7,825,543 7,825,543

其他負債 Other liabilities – – – – 18,070,159 18,070,159

金融負債總額 Total financial liabilities 6,678,187 242,200 2,642,190 – 766,075,131 775,637,708

非金融負債 Non-financial liabilities 663,190

負債總額 Total liabilities 776,300,898

238



20 會計分類（續） 20 ACCOUNTING CLASSIFICATIONS (continued)

持作交易用途

Held for trading

持作對沖用途

Held for hedging


Measured at fair value


備供銷售Available-

for-sale


貸款及應收款項Loans and

receivables

其他已攤銷成本

Other amortised

cost總計Total

千港元千港元千港元千港元千港元千港元千港元千港元於二零一七年十二月三十一日 At 31 December 2017 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000


Cash and balances with banks and other financial institutions – – – – – – 160,925,901 160,925,901


Placements with banks and other financial institutions – – – – – 78,670,984 – 78,670,984

衍生金融工具 Derivative financial instruments 14,965,355 428,783 – – – – – 15,394,138貸款及其他賬項 Advances and other accounts – – – – – 459,830,199 – 459,830,199金融投資 Financial investments – – 731,157 77,623,934 95,184,634 – – 173,539,725

金融資產總值 Total financial assets 14,965,355 428,783 731,157 77,623,934 95,184,634 538,501,183 160,925,901 888,360,947

非金融資產 Non-financial assets 9,748,080

資產總額 Total assets 898,109,027


Deposits from banks and other financial institutions – – – – – – 177,631,111 177,631,111

衍生金融工具 Derivative financial instruments 8,469,802 147,503 – – – – – 8,617,305客戶存款 Deposits from customers – – – – – – 496,311,783 496,311,783已發行存款證 Certificates of deposit issued – – – – – – 91,040,542 91,040,542已發行債券 Debt securities in issue – – 6,585,182 – – – 1,530,692 8,115,874以攤銷成本入賬之後償債項 Subordinated debts measured at

amortised cost – – – – – – 11,698,483 11,698,483

金融負債總額 Total financial liabilities 8,469,802 147,503 6,585,182 – – – 778,212,611 793,415,098

非金融負債 Non-financial liabilities 13,007,889

負債總額 Total liabilities 806,422,987

239




21 現金及在銀行同業與其他金融機構之結餘

21 CASH AND BALANCES WITH BANKS AND OTHER FINANCIAL INSTITUTIONS


HK$’000 HK$’000

現金 Cash on hand 542,862 555,221中央銀行之結存 Balances with central banks 11,269,602 23,068,844其他銀行及金融機構之結餘 Balances with other banks and financial institutions 38,440,397 32,125,254於一個月以內到期之銀行同業及其他金融機構存款

Placements with banks and other financial institutions maturing within one month 101,122,043 105,176,582

減：減值撥備－12個月以內預期信用損失

Less: impariment allowances – 12-month ECL (372) –

151,374,532 160,925,901

240



21 CASH AND BALANCES WITH BANKS AND OTHER FINANCIAL INSTITUTIONS (continued)

Reconciliation of liabilities arising from financing activities

The table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the Group’s consolidated cash flow statement as cash flows from financing activities.

以攤銷成本入賬之

已發行債券

指定以公平價值經損益表

入賬之已發行債券


後償債項


已發行債券應付利息


後償債項應付利息

額外權益工具總計

Debt securities in issue at

amortised cost

Debt securities in issue

designated at fair value


Subordinated debts

measured at amortised cost

Interestpayable on

debt securitiesin issue at

amortised cost

Interest payable on

Subordinated debts

measured at amortised cost

Additional equity

instruments Total千港元千港元千港元千港元千港元千港元千港元

HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000

於二零一八年一月一日 At 1 January 2018 1,530,692 6,585,182 11,698,483 48 62,575 7,738,332 27,615,312

融資活動之現金流量變動： Changes from financing cash flows:發行指定以公平價值經損益表入賬之債券

Issuance of debt securities designated at fair value through profit or loss – – – – – – –

發行以攤銷成本入賬之債券 Issuance of debt securities measured at amortised cost 18,767,697 – – – – – 18,767,697

以攤銷成本入賬之債券到期 Mature of debt securities measured at amortised cost (448,820) – – – – – (448,820)

以公平價值經損益表入賬債券到期

Mature of debt securities measured at fair value through profit or loss – (3,548,818) – – – – (3,548,818)

贖回以攤銷成本入賬之後償債項

Redemption of subordinated debt measured at amortised cost – – (3,918,575) – – – (3,918,575)

發行額外權益工具 Issuance of additional equity instruments – – – – – 19,897,375 19,897,375額外權益工具之分派付款 Distribution paid on additional equity instruments – – – – – (818,259) (818,259)以攤銷成本入賬之已發行債券已支付利息

Interest paid on debt securities in issue at amortised cost – – – (86,546) – – (86,546)

以攤銷成本入賬之後償債項已支付利息

Interest paid on subordinated debts measured at amortised cost – – – – (570,026) – (570,026)

18,318,877 (3,548,818) (3,918,575) (86,546) (570,026) 19,079,116 29,274,028

匯兌調整 Exchange adjustments – – 34,822 – – – 34,822

其他變動： Other changes:以攤銷成本入賬之已發行債券攤銷

Amortisation of debt securities in issue measured at amortised cost 416,611 – – – – – 416,611

以攤銷成本入賬之後償債項攤銷 Amortisation of subordinated debt measured at amortised cost – – 10,813 – – – 10,813

以攤銷成本入賬之已發行債券利息支出

Interest expense on debt securities in issue at amortised cost – – – 141,643 – – 141,643

以攤銷成本入賬之後償債項利息支出

Interest expenses on subordinated debts measured at amortised cost – – – – 530,507 – 530,507

指定以公平價值經損益表入賬金融資產及負債淨虧損

Net loss on financial asset and liabilities designated at fair value through profit or loss – (394,174) – – – – (394,174)

額外權益工具之分派 Distribution on additional equity instruments – – – – – 818,259 818,259

其他變動總額 Total other changes 416,611 (394,174) 10,813 141,643 530,507 818,259 1,523,659

於二零一八年十二月三十一日 At 31 December 2018 20,266,180 2,642,190 7,825,543 55,145 23,056 27,635,707 58,477,821

21 現金及在銀行同業與其他金融機構之結餘（續）

源自融資活動產生的負債之對賬

下表列載本集團由融資活動產生的負債之變動，包括現金及非現金之變動。源自融資活動產生的負債指在本集團的綜合現金流量表內分類為由融資活動產生的現金流或未來現金流產生的負債。

241




21 CASH AND BALANCES WITH BANKS AND OTHER FINANCIAL INSTITUTIONS (continued)


已發行債券

指定以公平價值經損益表

入賬之已發行債券


後償債項


後償債項應付利息總計

Debt securities in issue at

amortised cost

Debt securities in issue designated

at fair value through

profit or loss

Subordinated debts measured at

amortised cost

Interest payable on Subordinated

debts measured at amortised cost Total

千港元千港元千港元千港元千港元HK$'000 HK$'000 HK$'000 HK$'000 HK$'000

於二零一七年一月一日 At 1 January 2017 951,078 72,101 11,603,948 56,854 12,683,981

融資活動之現金流量變動： Changes from financing cash flows:發行指定以公平價值經損益表入賬之債券

Issuance of debt securities designated at fair value through profit or loss – 6,579,478 – – 6,579,478

發行以攤銷成本入賬之債券

Issuance of debt securities measured at amortised cost 467,392 – – – 467,392

以攤銷成本入賬之後償債項已支付利息

Interest paid on subordinated debts measured at amortised cost – – – (550,082) (550,082)

467,392 6,579,478 – (550,082) 6,496,788

匯兌調整 Exchange adjustments – – 89,250 – 89,250

其他變動： Other changes:以攤銷成本入賬之已發行債券攤銷

Amortisation of debt securities in issue measured at amortised cost 112,222 – – – 112,222

以攤銷成本入賬之後償債項攤銷 Amortisation of subordinated debts measured at amortised cost – – 5,285 – 5,285

以攤銷成本入賬之後償債項利息支出

Interest expenses on subordinated debts measured at amortised cost – – – 555,803 555,803

指定以公平價值經損益表入賬金融資產及負債淨收益

Net gain on financial asset and liabilities designated at fair value through profit or loss – (66,397) – – (66,397)

其他變動總額 Total other changes 112,222 (66,397) 5,285 555,803 606,913

於二零一七年十二月三十一日 At 31 December 20171,530,692 6,585,182 11,698,483 62,575 19,876,932

21 現金及在銀行同業與其他金融機構之結餘（續）

242



22 PLACEMENTS WITH BANKS AND OTHER FINANCIAL INSTITUTIONS


HK$’000 HK$’000

於一到十二個月到期之銀行同業及其他金融機構存款

Placements with banks and other financial institutions maturing between one and twelve months 74,242,932 78,670,984

減：減值撥備－12個月以內預期信用損失

Less: impariment allowances – 12-month ECL (25,619) –

74,217,313 78,670,984

23 FINANCIAL ASSETS HELD FOR TRADING

There were no financial assets held for trading of the Group as at 31 December 2018 (31 December 2017: Nil).

24 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS


HK$’000 HK$’000

指定以公平價值經損益表入賬金融資產：

Financial assets designated at fair value through profit or loss:

其他 Others – 731,157

– 731,157

強制以公平價值經損益表入賬金融資產：

Financial assets mandatorily measured at fair value through profit or loss:

投資基金 Investments funds 139,622 –其他 Others 386,067 –

525,689 –

以公平價值經損益表入賬金融資產總額

Total financial assets at fair value through profit or loss525,689 731,157

以公平價值經損益表入賬金融資產按發行人類別分析如下：

Financial assets at fair value through profit or loss are analysed by category of issuer as follows:

企業實體 Corporate entities 525,689 731,157

525,689 731,157

22 在銀行同業及其他金融機構之存款

23 持作交易用途金融資產

於二零一八年十二月三十一日，本集團並無持作交易用途金融資產（二零一七年十二月三十一日：無）。

24 指定以公平價值經損益表入賬金融資產

243




25 衍生金融工具

本集團訂立下列股份權益、匯率及利率相關的衍生金融工具合約用作買賣及風險管理之用：

遠期外匯合約是指於未來某一日期買賣外幣的承諾。

貨幣及利率掉期是指交換不同現金流量的承諾。掉期的結果是交易不同貨幣、利率（如固定利率或浮動利率）或以上所有的組合（即交叉貨幣利率掉期）。除某些貨幣掉期合約外，該等交易無需交換本金。

外匯、利率及股份權益合約期權是指期權的賣方（出讓方）為買方（持有方）提供在未來某一特定日期或之前或未來一定時期內按約定的價格買進（認購期權）或賣出（認沽期權）一定數量的金融工具的權利（而非承諾）的一種合約協議。作為承擔外匯和利率風險的代價，期權的賣方從買方收取一定的期權費。本集團期權合約是與對手方在場外協商達成協定的或透過交易所進行（如於交易所進行買賣之期權）。

本集團所持有之衍生金融工具合約╱名義金額及其公平價值詳列於下表。該等工具的合約╱名義金額顯示於報告期結束時之未完成交易量，而若干金額提供一個與綜合財務狀況表內所確認的以公平價值入賬之金融工具的對比基礎。但是，彼等不一定顯示所涉及的未來現金流量金額或該等工具當前的公平價值，因而也不能反映本集團所面臨的信用或市場風險。隨著與衍生金融工具合約條款相關的市場利率、匯率和股份權益的波動，衍生金融工具的估值可能產生對銀行有利（資產）或不利（負債）的影響。衍生金融工具之公平價值總額（資產及負債）可能不時大幅波動。

本集團進行場內或場外衍生產品交易的主要目的是開展客戶業務。本集團對客戶及對同業市場的衍生產品交易均需嚴格遵從本集團的各相關風險管理政策。

衍生工具亦應用於管理銀行賬的利率風險，只有獲批准之產品名單上載有的衍生工具方可進行交易。由衍生產品交易產生的風險承擔名義數額以設限控制，並制訂交易的最長期限及其損益之管理預警限額。每宗衍生產品交易必須記錄於相應的系統，以進行結算、市價重估、報告及監控。

25 DERIVATIVE FINANCIAL INSTRUMENTS

The Group enters into the following equity, foreign exchange and interest rate related derivative financial instruments for trading and risk management purposes:

Currency forwards represent commitments to purchase and sell foreign currency on a future date.

Currency and interest rate swaps are commitments to exchange one set of cash flows for another. Swaps result in an exchange of currencies, interest rates (for example, fixed rate for floating rate), or a combination of all these (i.e., cross-currency interest rate swaps). Except for certain currency swap contracts, no exchange of principal takes place.

Foreign currency, interest rate and equity options are contractual agreements under which the seller (writer) grants the purchaser (holder) the rights, but not an obligation, either to buy (a call option) or sell (a put option) at or by a set date or during a set period, a specific amount of the financial instrument at a predetermined price. In consideration for the assumption of foreign exchange and interest rate risk, the seller receives a premium from the purchaser. Options are negotiated OTC between the Group and its counterparty or traded through the stock exchange (for example, exchange-traded stock option).

The contractual/notional amounts and fair values of derivative financial instruments held by the Group are set out in the following tables. The contractual/notional amounts of these instruments indicate the volume of transactions outstanding at the end of reporting periods and certain of them provide a basis for comparison with fair value instruments recognised on the consolidated statement of financial position. However, they do not necessarily indicate the amounts of future cash flows involved or the current fair values of the instruments and, therefore, do not indicate the Group’s exposure to credit or market risks. The derivative financial instruments become favourable (assets) or unfavourable (liabilities) as a result of fluctuations in market interest rates, foreign exchange rates and equity relative to their terms. The aggregate fair values of derivative financial instruments (assets and liabilities) can fluctuate significantly from time to time.

The Group trades derivative products (both exchange-traded or OTC) mainly for customer business. The Group strictly follows risk management policies in providing derivative products to the customers and in trading derivative products in the interbank market.

Derivatives are also used to manage the interest rate risk of the banking book. A derivative instrument must be included in the approved product list before any transactions for that instrument can be made. There are limits to control the notional amount of exposure arising from derivative transactions and the maximum tenor of the deal and management alert limit in profit or loss is set. Every derivative transaction must be input into the relevant system for settlement, mark to market revaluation, reporting and control.

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25 衍生金融工具（續）

下表為衍生金融工具中每項重要類別於十二月三十一日之合約╱名義數額之概要：

25 DERIVATIVE FINANCIAL INSTRUMENTS (continued)

The following tables summaries the contractual/notional amounts of each significant type of derivative financial instruments as at 31 December:

本集團合約╱

名義金額Group

Contractual/notional amount

公平價值資產

Fair value assets

公平價值負債

Fair value liabilities

千港元千港元千港元二零一八年 2018 HK$’000 HK$’000 HK$’000

1) 持作交易用途之衍生工具 1) Derivatives held for tradinga) 外匯衍生工具 a) Foreign exchange derivatives

－貨幣遠期 – Currency forwards 603,137,209 4,524,295 (4,712,332)－場外貨幣期權買入 – OTC currency options purchased 43,378,407 192,274 (2)－場外貨幣期權賣出 – OTC currency options written 45,021,852 – (204,958)－結構性外匯工具 – Structured foreign exchange instruments 84,577 391 (391)

外匯衍生工具總額 Total foreign exchange derivatives 4,716,960 (4,917,683)

b) 利率衍生工具 b) Interest rate derivatives－利率掉期 – Interest rate swaps 223,789,703 1,366,984 (1,076,990)－利率期貨 – Interest rate futures 12,500,097 2,305 (6,669)

利率衍生工具總額 Total interest rate derivatives 1,369,289 (1,083,659)

c) 股本衍生工具 c) Equity derivatives－股票期權 – Equity options – –－股票掉期 – Equity swaps 14,195,256 2,743,970 (672,768)

股本衍生工具總額 Total equity derivatives 2,743,970 (672,768)

d) 商品合約 d) Commodity contract 1,142,380 3,889 (4,077)

持作交易用途衍生工具資產╱（負債）總額

Total derivative assets/(liabilities) held for trading 8,834,108 (6,678,187)

2) 持作對沖用途衍生工具 2) Derivatives held for hedginga) 指定為公平價值

對沖之衍生工具a) Derivatives designated as fair value hedges

－利率掉期 – Interest rate swaps 18,426,121 182,602 (207,952)

b) 指定為現金流量對沖之衍生工具

b) Derivatives designated as cash flow hedges


持作對沖用途之衍生工具資產╱（負債）總額

Total derivative assets/(liabilities) held for hedging 310,769 (242,200)

已確認衍生工具資產╱ （負債）總額

Total recognised derivative assets/(liabilities)9,144,877 (6,920,387)

245




25 衍生金融工具（續） 25 DERIVATIVE FINANCIAL INSTRUMENTS (continued)

本集團合約╱

名義金額Group

Contractual/notional

amoun

公平價值資產Fair value

assets

公平價值負債Fair value liabilities

千港元千港元千港元二零一七年 2017 HK$’000 HK$’000 HK$’000

1) 持作交易用途之衍生工具 1) Derivatives held for tradinga) 外匯衍生工具 a) Foreign exchange derivatives

－貨幣遠期 – Currency forwards 486,542,985 7,590,152 (7,605,804)－場外貨幣期權買入 – OTC currency options purchased 30,178,371 103,092 (1,402)－場外貨幣期權賣出 – OTC currency options written 28,908,605 104 (138,106)－結構性外匯工具 – Structured foreign exchange instruments 331,328 1,277 (1,278)

外匯衍生工具總額 Total foreign exchange derivatives 7,694,625 (7,746,590)

b) 利率衍生工具 b) Interest rate derivatives－利率掉期 – Interest rate swaps 132,640,241 669,032 (435,871)－利率期貨 – Interest rate futures 2,734,935 4,128 (82)

利率衍生工具總額 Total interest rate derivatives 673,160 (435,953)

c) 股本衍生工具 c) Equity derivatives－股票期權 – Equity options 2,098 6 (6)－股票掉期 – Equity swaps 9,010,672 6,597,564 (287,253)

股本衍生工具總額 Total equity derivatives 6,597,570 (287,259)

持作交易用途衍生工具資產╱（負債）總額

Total derivative assets/(liabilities) held for trading 14,965,355 (8,469,802)

2) 持作對沖用途衍生工具 2) Derivatives held for hedginga) 指定為公平價值對沖之衍生工具

a) Derivatives designated as fair value hedges


b) 指定為現金流量對沖之衍生工具

b) Derivatives designated as cash flow hedges


持作對沖用途之衍生工具資產╱（負債）總額

Total derivative assets/(liabilities) held for hedging 428,783 (147,503)

已確認衍生工具資產╱ （負債）總額

Total recognised derivative assets/(liabilities)15,394,138 (8,617,305)

246




The contractual or notional amounts of contingent liabilities and commitments and derivative financial instruments provide only an indication of the volume of business outstanding at the end of the reporting period and bear little relation to the underlying risks of the exposures.

Among the above derivative financial instruments, certain of them were designated as hedging instruments.

Fair value hedges are used by the Group to protect it against changes in the fair value of financial assets due to movements in market interest rates. The financial instruments hedged for interest rate risk mainly include debt securities measured at fair value through other comprehensive income (2017: available-for-sale debt securities). The Bank uses interest rate swaps to hedge interest rate risk.

The effectiveness of the hedge based on changes in fair value of the derivatives and the hedged items attributable to the hedged risk recognised in the income statement during the year is presented as follows:


HK$’000 HK$’000

公平價值對沖收益╱（虧損），扣減以下項目：

Gain/(loss) arising from fair value hedge, net:

－對沖工具 – Hedging instruments (90,621) 96,359－獲對沖風險之相關獲對沖項目 – Hedged items attributable to the hedged risk 89,217 (97,529)

(1,404) (1,170)

Cash flow hedge consists of interest rate swaps entered into that are used to protect the Group against exposures to variability of floating-rate assets and liabilities. Gains and losses on the effective portion of the swaps are initially recognised directly in equity, in the cash flow hedge reserve, and are transferred to the income statement when the forecast cash flows affect the income statement. The gains and losses on ineffective portions of such derivatives are recognised immediately in the income statement. During the year, there was no ineffectiveness recognised in the income statement that arose from cash flow hedges (2017: Nil.)


或然負債及承諾以及衍生金融工具的合約或名義金額僅表示於報告期結束時的未完成業務量，與風險承擔的相關風險則無甚關連。

上述衍生金融工具當中之若干項目被指定用作對沖工具。

本集團採用公平價值對沖以保障其免受市場利率變動導致的金融資產公平價值變動產生的影響。就利率風險予以對沖的金融工具主要包括以公平價值經其他全面收益入賬債券（二零一七年：備供銷售債券）。本銀行採用利率掉期對沖利率風險。

根據因年內已於收益表確認的衍生工具及獲對沖風險的相關獲對沖項目公平價值變動作出的對沖有效性分析列示如下：

現金流量對沖包括已訂立之利率掉期，用於保護本集團免受浮動利率資產及負債波動所帶來的風險。掉期有效部分產生之收益及虧損初始直接於權益內之現金流量對沖儲備確認，並當預測現金流量會影響收益表時撥至收益表。該等衍生工具無效部分產生之收益及虧損乃即時於收益表確認。年內，並無於收益表內確認因現金流量對沖產生之無效部分（二零一七年：無）。

247





Below is a schedule indicating as at 31 December 2018 and 31 December 2017, the periods when the hedged cash flows are expected to occur and when they are expected to affect profit or loss:

一年內一至三年三至八年八年以上二零一八年 2018 Within 1 year 1-3 years 3-8 years Over 8 years

百萬港元百萬港元百萬港元百萬港元HK$ million HK$ million HK$ million HK$ million

現金流入（資產） Cash inflows (assets) 107 98 – –現金流出（負債） Cash outflows (liabilities) (259) (390) (289) –現金流量淨額 Net cash flow (152) (292) (289) –

一年內一至三年三至八年八年以上二零一七年 2017 Within 1 year 1-3 years 3-8 years Over 8 years

百萬港元百萬港元百萬港元百萬港元HK$ million HK$ million HK$ million HK$ million

現金流入（資產） Cash inflows (assets) 59 112 – –現金流出（負債） Cash outflows (liabilities) (88) (138) (125) –現金流量淨額 Net cash flow (29) (26) (125) –

During the year, realised gain amounted to HK$43,950,000 previously recognised in equity under the cash flow hedge reserve was transferred to the income statement and included in the net interest income (2017: HK$42,324,000)

There were no transactions for which cash flow hedge accounting had to be ceased in 2018 as a result of the highly probable cash flows no longer being expected to occur.


下表列出於二零一八年十二月三十一日及二零一七年十二月三十一日，預期出現被對沖的現金流量之期間以及預期該等被對沖的現金流量將會影響損益的時間：

年內，先前於權益中的現金流量對沖儲備內確認之43,950,000港元已變現收益已撥至收益表，並計入淨利息收入（二零一七年：42,324,000港元）。

並無交易之現金流量對沖會計因為預期不會出現原先極有可能取得之現金流量而需於二零一八年終止。

248




或然負債及承諾以及衍生金融工具的總重置成本及信用風險加權金額為：

上述風險項目之重置成本及信用風險加權金額並沒有雙邊淨額結算安排之影響。


The aggregate replacement costs and credit risk weighted amounts of the contingent liabilities and commitments and derivative financial instruments are:

2018 2017

重置成本Replacement

cost

信用風險加權金額

Credit risk weighted

amount

重置成本Replacement

cost

信用風險加權金額


amount千港元千港元千港元千港元

HK$’000 HK$’000 HK$’000 HK$’000

或然負債及承諾 Contingent liabilities and commitments – 31,943,840 – 27,360,886外匯合約 Exchange rate contracts－遠期 – Forwards 1,850,229 1,061,268 3,241,603 1,442,662－掉期 – Swaps 769,614 1,156,169 1,058,943 1,732,202－購買期權 – Option purchased 66,819 56,859 35,225 54,619－沽售期權 – Option written 27,877 127,509 16,433 144,494－結構性外匯 – Structure FX 307 219,985 1,125 462,772

2,714,846 2,621,790 4,353,329 3,836,749

利率合約 Interest rate contracts－歐元期貨產品 – Eurodollar Futures Product 436 2,002 4,125 4,125－掉期 – Swaps 640,866 722,369 539,370 653,657

641,302 724,371 543,495 657,782

股本合約 Equity contracts－沽售期權 – Option written – – 6 14－掉期 – Swaps 3,121,683 3,908,522 6,597,564 7,251,608

3,121,683 3,908,522 6,597,570 7,251,622

貴金屬，黃金除外 Precious metal except Gold－遠期 – Forward – – 96 943

債券或其他商品 Debt securities or other commodities－遠期 – Forward 3,889 123,105 – –－美國庫券期貨產品 – US Treasury Futures Product 1,869 56,769 2 3,909

5,758 179,874 2 3,909

雙邊淨額結算協議有關的場外衍生交易 OTC with netting－遠期 – Forwards 76,612 364,614 1,829,442 532,295－購買期權 – Option purchased 17,915 19,451 12,264 11,073－沽售期權 – Option written 19,696 14,592 33,349 20,891－結構性外匯 – Structure FX 84 11,461 – 104,487－掉期 – Swap 47,304 191,029 22,199 28,744

161,611 601,147 1,897,254 697,490

總計 Total 6,645,200 39,979,544 13,391,746 39,809,381

The replacement costs and credit risk weighted amounts of the exposures do not have the effects of bilateral netting arrangements.

249




26 ADVANCES AND OTHER ACCOUNTS

26.1 Loans and advances to customers, banks and other accounts


HK$’000 HK$’000

以攤銷成本入賬客戶、銀行同業之貸款及其他賬項

Loans and advances to customers, banks and other accounts measured at amortised cost

－客戶貸款 – Advances to customers 453,051,639 450,742,307－銀行同業貸款 – Advances to banks 6,736,971 1,771,997－商業票據 – Trade bills 7,239,951 10,384,978

以攤銷成本入賬客戶、銀行同業之貸款及其他賬項總額

Gross loans and advances to customers, banks and other accounts measured at amortised cost 467,028,561 462,899,282

應計利息 Accrued interest 1,281,341 1,328,277

468,309,902 464,227,559

減：減值撥備 Less: Impairment allowances－12個月以內預期信用損失 – 12-month ECL (2,279,440) –－非信貸不良的合約期內之預期信用

損失– Lifetime ECL not credit-impaired

(667,189) –－信貸不良的合約期內之預期信用損失 – Lifetime ECL credit-impaired (2,129,299) –－個別評估 – Individually assessed – (2,107,891)－組合評估 – Collectively assessed – (2,289,469)

463,233,974 459,830,199

以公平價值經其他全面收益入賬客戶、銀行同業之貸款及其他賬項

Loans and advances to customers, banks and other accounts measured at fair value through other comprehensive income

－客戶貸款 – Advances to customers 700,946 –－商業票據 – Trade bills 11,854,473 –

475,789,393 459,830,199


HK$’000 HK$’000

減值貸款及其他賬項總額 Gross impaired loans and advances 3,895,829 3,063,807上述貸款之減值撥備 Impairment allowances made in respect of such loans 2,129,299 2,107,891減值貸款及其他賬項總額佔貸款及其他賬項總額之百分比

Gross impaired loans and advances as a percentage of total gross loans and advances 0.81% 0.66%

抵押品市值 Market value of collateral 2,322,395 639,550

Impaired loans and advances are defined as those loans which are individually determined to have objective evidence of impairment as a result of one or more events that have a determental impact on the estimated future cash flows of the loans have occurred.

The impaired loan ratio of advances to customers was 0.86% as at 31 December 2018 (2017: 0.68%).

There were no impaired advances to banks and trade bills as at 31 December 2017; nor were there any advances to banks and trade bills as at 31 December 2018 classified as stage 3.

26 貸款及其他賬項

26.1 客戶、銀行同業之貸款及其他賬項

減值貸款及其他賬項定義為個別確定存在客觀減值證據的貸款，其原因是發生一項或多項對該等貸款之估計未來現金流量有不利影響的事件。

於二零一八年十二月三十一日，客戶貸款中的已減值貸款比率為0.86%（二零一七年：0.68%）。

於二零一七年十二月三十一日，本集團貸予銀行同業的款項及商業票據並沒有減值。於二零一八年十二月三十一日，本集團亦沒有任何銀行同業貸款及商業票據分類為第三階段。

250



26 ADVANCES AND OTHER ACCOUNTS (continued)

26.2 Overdue advances to customers and banks (excluding trade bills and receivables)

The gross amount of the Group’s advances to customers (excluding trade bills and receivables) overdue as at 31 December 2018 and 2017 is analysed as follows:

貸款總額Gross

advances

佔客戶及銀行同業

貸款百分比

% ofadvances

to customersand banks

抵押品市值Market value

of collateral

有抵押結餘金額

Amountof secured

balance

無抵押結餘金額

Amount ofunsecured

balance

信貸不良的合約期內之預期信用損失之減值撥備

Lifetime ECL credit-

impaired impairment

allowance千港元千港元千港元千港元千港元

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

二零一八年 2018逾期： Overdue for:六個月或以下但超過三個月

Six months or less but over three months 438,878 0.1 526,304 420,449 18,429 7,294

一年或以下但超過六個月 One year or less but over six months 1,597,447 0.4 1,420,429 1,186,771 410,675 547,006超過一年 Over one year 1,426,355 0.3 31,717 9,133 1,417,222 1,387,525

3,462,680 0.8 1,978,450 1,616,353 1,846,326 1,941,825

貸款總額Gross

advances

佔客戶及銀行同業

貸款百分比% of

advancesto customers

and banks

抵押品市值Market value

of collateral

有抵押結餘金額

Amountof secured

balance

無抵押結餘金額

Amount ofunsecured

balance

個別減值撥備Individual

impairment allowance

千港元千港元千港元千港元千港元HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

二零一七年 2017逾期： Overdue for:六個月或以下但超過三個月

Six months or less but over three months 30,990 0.0 69,668 23,698 7,292 5,227

一年或以下但超過六個月 One year or less but over six months 52,961 0.0 31,445 28,529 24,432 9,157超過一年 Over one year 2,640,816 0.6 390,169 215,735 2,425,081 1,936,040

2,724,767 0.6 491,282 267,962 2,456,805 1,950,424

The criteria for eligible collateral are as follows:

• The market value of the collateral is readily determinable or can be reasonably established and verified;

• The collateral is marketable and there exists a readily available secondary market for disposing of the collateral;

• The Bank’s rights to repossess the collateral is legally enforceable and without impediment; and

• If the collateral is a movable asset, it should be under the Bank’s custody, or its whereabouts can be located by the Bank.

The eligible collateral is mainly properties, deposits and shares.

There were no advances to banks (excluding trade bills and receivables) which were overdue for over 3 months as at 31 December 2018 and 31 December 2017.

26 貸款及其他賬項（續）

26.2 逾期客戶及銀行同業貸款（不包括商業票據及應收款項）

本集團於二零一八年及二零一七年十二月三十一日之已逾期客戶貸款總額（不包括商業票據及應收款項）分析如下：

合資格抵押品標準如下：

• 抵押品市值易於釐定或可合理地確定及驗證；

• 抵押品可予銷售，且易於覓得二手市場出售抵押品；

• 本銀行收回抵押品的權利可依法強制執行且概無任何阻礙；及

• 倘抵押品為可移動資產，則其應由本銀行保管，或本銀行可確定其所處位置。

合資格抵押品主要為物業、存款及股票。

於二零一八年十二月三十一日及二零一七年十二月三十一日，並無借予銀行已逾期超過三個月的貸款（不包括商業票據及應收款項）。

251




26 ADVANCES AND OTHER ACCOUNTS (continued)

26.3 Other overdue assets

2018 2018 2017 2017應計利息其他資產應計利息其他資產

Accrued interest

Otherassets

Accrued interest

Otherassets


逾期： Overdue for:六個月或以下但超過三個月 Six months or less but over three

months 234 – 18 –一年或以下但超過六個月 One year or less but over six months 25,466 – – –超過一年 Over one year 27,791 – 78,093 –

53,491 – 78,111 –

Other assets refer to trade bills and receivables.

26.4 Rescheduled advances


HK$’000 HK$’000

重組貸款（不包括超過三個月之逾期貸款）

Rescheduled advances (excluding overdue loans over three months)238,704 554,251

客戶及銀行同業貸款所佔百分比 As % of advances to customers and banks 0.05 0.12

Rescheduled advances which have been overdue for more than three months under the revised repayment terms are included in the analysis of overdue advances in Note 26.2 above.

There were no rescheduled advances to banks as at 31 December 2018 and 31 December 2017.

26.5 Repossessed assets

There are two repossessed assets of the Group as at 31 December 2018 (31 December 2017: two) with total current market value of HKD18,780,000 (31 December 2017: HKD87,166,000). Repossessed assets only comprise properties which the Group has acquired access or control (e.g. through legal actions or voluntary actions by the borrowers concerned) for releasing in full or in part on the obligations of the borrowers.

26.6 Cash collateral on securities borrowed and reverse repurchase agreements

In respect of reverse repurchase transactions, there were no collateral held by the Group which were permitted to be sold or pledged as at 31 December 2018 (31 December 2017: Nil). No collateral has been actually sold or pledged by the Group as at the year end. The transactions are conducted on terms that are usual and customary to standard lending activities.

26 貸款及其他賬項（續）

26.3 其他逾期資產

其他資產指商業票據及應收款項。

26.4 重組貸款

根據經修訂償還條款已逾期超過三個月的重組貸款屬上文附註26.2對逾期貸款的分析範圍。

於二零一八年十二月三十一日及二零一七年十二月三十一日，並無任何銀行同業的重組貸款。

26.5 收回資產

於二零一八年十二月三十一日，本集團持有的兩項（二零一七年十二月三十一日：兩項）收回資產的現行市值為18,780,000港元（二零一七年十二月三十一日：87,166,000港元）。收回資產僅包括本集團就全面或部分解除借款人責任而取得（如透過法律行動或相關借款人自願下）取用或控制權之物業。

26.6 證券借入及轉售協議的現金抵押品

就轉售交易而言，於二零一八年十二月三十一日，並無由本集團持有並獲准出售或抵押的抵押品（二零一七年十二月三十一日：無）。於年結日，本集團實際上並無將抵押品出售或抵押。進行交易的條款屬於標準借貸活動的一般及慣常條款。

252



27 FINANCIAL INVESTMENT

2018以公平價值經其他全面收益入賬Measured

at FVTOCI

以攤銷成本入賬Measured

at amortised cost

總額Total

千港元千港元千港元HK$’000 HK$’000 HK$’000

金融投資 Financial investment 債券： Debt securities:－於香港上市 – Listed in Hong Kong 46,502,895 11,088,548 57,591,443－於香港以外地區上市 – Listed outside Hong Kong 40,735,516 24,603,957 65,339,473－非上市 – Unlisted 9,292,348 30,522,304 39,814,652

96,530,759 66,214,809 162,745,568

權益證券 Equity securities－於香港以外地區上市 – Listed outside Hong Kong – – –－非上市 – Unlisted 4,535,151 – 4,535,151

4,535,151 – 4,535,151

金融投資總額 Total financial investment 101,065,910 66,214,809 167,280,719

上市證券市值 Market value of listed securities 87,238,411 35,710,640 122,949,051

債券包括以下項目： Debt securities are comprised of the following items－庫券 – Treasury bills 7,732,620 20,039,985 27,772,605－所持有之存款證 – Certificates of deposit held 149,291 10,100,067 10,249,358－其他債券 – Other debt securities 88,648,848 36,074,757 124,723,605

96,530,759 66,214,809 162,745,568

金融投資按發行人類別分析如下：

Financial investment are analysed by category of issuer as follows

－中央政府及中央銀行 – Central governments and central banks 12,621,679 31,334,258 43,955,937－公營機構 – Public sector entities 599,294 2,327,045 2,926,339－銀行同業及其他金融機構 – Banks and other financial institutions 40,304,845 25,463,660 65,768,505－企業實體 – Corporate entities 47,540,092 7,089,846 54,629,938

101,065,910 66,214,809 167,280,719

27 金融投資

253




27 FINANCIAL INVESTMENT (continued)

2017備供銷售Available-

for-sale


總額Total


債券： Debt securities:－於香港上市 – Listed in Hong Kong 30,391,965 21,943,970 52,335,935－於香港以外地區上市 – Listed outside Hong Kong 36,860,612 26,619,754 63,480,366－非上市 – Unlisted 10,120,993 46,620,910 56,741,903

77,373,570 95,184,634 172,558,204

權益證券 Equity securities－於香港以外地區上市 – Listed outside Hong Kong – – –－非上市 – Unlisted 250,364 – 250,364

250,364 – 250,364

金融投資總額 Total financial investment 77,623,934 95,184,634 172,808,568

上市證券市值 Market value of listed securities 67,252,577 48,219,671 115,472,248

債券包括以下項目： Debt securities are comprised of the following items－庫券 – Treasury bills 3,935,126 30,172,995 34,108,121－所持有之存款證 – Certificates of deposit held 1,816,855 16,762,197 18,579,052－其他債券 – Other debt securities 71,621,589 48,249,442 119,871,031

77,373,570 95,184,634 172,558,204

金融投資按發行人類別分析如下：

Financial investment are analysed by category of issuer as follows

－中央政府及中央銀行 – Central governments and central banks 8,643,787 39,071,532 47,715,319－公營機構 – Public sector entities 628,925 1,082,295 1,711,220－銀行同業及其他金融機構 – Banks and other financial institutions 41,174,775 36,139,838 77,314,613－企業實體 – Corporate entities 27,176,447 18,890,969 46,067,416

77,623,934 95,184,634 172,808,568

28 INVESTMENTS IN ASSOCIATES


HK$’000 HK$’000

應佔淨資產 Share of net assets 97,984 375,936收購時產生之商譽 Goodwill on acquisition – 29,786

97,984 405,722

27 金融投資（續）

28 於聯營公司之投資

254



28 INVESTMENTS IN ASSOCIATES (continued)

The following list contains only the particulars of the associates which are unlisted corporate entities whose quoted market prices are not available. None are considered individually material to the Group:

業務架構形式註冊成立及營業地點已發行及繳足股本之詳情本集團之實際權益主要業務

Principal activityForm of business structure

Place of incorporation and business

Particulars of issued and paid up capital

Group’s effective interest

註冊成立香港 100,000股之普通股投資控股IEC Investments Limited Incorporated Hong Kong 100,000 ordinary shares 40% Investment holding

世福資本管理有限公司註冊成立香港 10,000,000股之普通股提供資產管理服務SINO-CEEF Capital Management Company

LimitedIncorporated Hong Kong 10,000,000 ordinary shares 37% Provision of asset

management services

IEC Investments Limited (“IEC”) engages in investment holding in Hong Kong. The Group acquired 40% stake of IEC in 2007 as a strategic investment. The Group held 40,000 ordinary shares of IEC during the year. In October 2018, IEC paid dividends (HKD288,928,000) to Group during the project holding period, and repaid the remaining shareholders’ loan (HKD31,200,000). IEC will begin the voluntary liquidation in 2020. SINO-CEEF Capital Management Company Limited (“SCM”) engages in asset management services in Hong Kong. The Group decreased its shareholding in SCM from 100% to 37% as part of the Group’s restructuring plan in 2016. The Group held 3,700,000 ordinary shares of SCM during the year. The above associates are accounted for using equity method in the consolidated financial statements.


HK$’000 HK$’000

個別不重大聯營公司之總和資料 Aggregate information of associates that are not individually material

個別不重大聯營公司在綜合財務報表之總和賬面值

Aggregate carrying amount of individually immaterial associates in the consolidated financial statements 97,984 405,722

本集團佔該等聯營公司之總和金額 Aggregate amounts of the Group’s share of those associates源自持續營運溢利 Profit from continuing operations 12,390 22,396

全面收益總額 Total comprehensive income 12,390 22,396

賬面值與本集團於聯營公司的總權益對賬

Reconciliation of carrying amounts to the Group’s total interest in the associates

重大聯營公司之賬面值 Carrying amount of material associates – –個別不重大聯營公司之賬面值 Carrying amount of individually immaterial associates 97,984 405,722

在綜合財務報表中聯營公司權益 Interest in associates in the consolidated financial statements 97,984 405,722

28 於聯營公司之投資（續）

以下僅列載本身為非上市企業實體的聯營公司之詳情，其並無市場報價。彼等無一個別地被視為對本集團有重大性：

IEC Investments Limited（「IEC」）在香港從事投資控股。本集團於二零零七年收購IEC之40%股權，作為策略性投資。本集團於年內擁有40,000股IEC普通股。二零一八年十月，IEC向本集團派發項目持有期間應收紅利（288,928,000港元），並向本集團償還剩餘股東貸款（31,200,000港元）。IEC將在二零二零年開始自動清盤。世福資本管理有限公司（「世福」）在香港從事資產管理服務。於二零一六年的重組計劃中，本集團對世福的持股量由100%減少至37%。年內，本集團持有世福3,700,000股普通股。上述聯營公司使用權益法在綜合財務報表內列值。

255




29 商譽及其他無形資產 29 GOODWILL AND OTHER INTANGIBLE ASSETS

商譽Goodwill

電腦軟件Computer

software

交易權Trading

rights合計

Total千港元千港元千港元千港元

HK$’000 HK$’000 HK$’000 HK$’000

成本值 Cost於二零一八年一月一日 At 1 January 2018 999,715 268,044 1,895 1,269,654添置 Additions – 12,244 – 12,244出售 Disposals – – – –其他調整 Other adjustments – (1,716) – (1,716)

於二零一八年十二月三十一日 At 31 December 2018 999,715 278,572 1,895 1,280,182

累積攤銷 Accumulated amortisation於二零一八年一月一日 At 1 January 2018 – 252,372 252,372年內支銷 Charge for the year – 10,795 – 10,795出售 Disposals – – – –其他調整 Other adjustments – (782) – (782)

於二零一八年十二月三十一日 At 31 December 2018 – 262,385 – 262,385

賬面淨值 Net book value於二零一八年十二月三十一日 At 31 December 2018 999,715 16,187 1,895 1,017,797

商譽Goodwill

電腦軟件Computer

software

交易權Trading

rights合計Total


成本值 Cost於二零一七年一月一日 At 1 January 2017 999,715 263,075 1,895 1,264,685添置 Additions – 4,048 – 4,048出售 Disposals – – – –其他調整 Other adjustments – 921 – 921

於二零一七年十二月三十一日 At 31 December 2017 999,715 268,044 1,895 1,269,654

累積攤銷 Accumulated amortisation於二零一七年一月一日 At 1 January 2017 – 237,160 237,160年內支銷 Charge for the year – 15,049 – 15,049出售 Disposals – – – –其他調整 Other adjustments – 163 – 163

於二零一七年十二月三十一日 At 31 December 2017 – 252,372 – 252,372

賬面淨值 Net book value於二零一七年十二月三十一日 At 31 December 2017 999,715 15,672 1,895 1,017,282

256



29 GOODWILL AND OTHER INTANGIBLE ASSETS (continued)

Notes:

(i) In 2004, the Bank acquired all the issued share capital of ICBC Asia Wa Pei Limited group from Fortis Bank. The goodwill of the acquisition amounted to HK$322,317,000.

(ii) Impairment tests are performed for cash-generating units containing goodwill.

Goodwill is allocated to the Group’s cash-generating units (CGU) identified according to business segment as follows:


HK$’000 HK$’000

企業與投資銀行 Corporate and Investment Banking 585,715 585,715商業銀行 Commercial Banking 230,450 230,450零售銀行 Retail Banking 142,386 142,386其他 Others 41,164 41,164

999,715 999,715

The recoverable amount of a CGU is determined based on value-in-use calculations. Such calculations use cash flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the one-year period are extrapolated using the estimate rates stated below. The growth rate which applies to the cashflow projections over the one-year period does not exceed the long term average growth rate for the business of which the CGU operates.

The discount rates used for value-in-use calculations are ranging from 8% to 12%.

Management determined the budgeted financial performance based on the past performance and its expectation for market development. The weighted average growth rates used are consistent with the forecasts included in industry reports.

29 商譽及其他無形資產（續）

附註：

(i) 於二零零四年，本銀行向富通銀行收購ICBC Asia Wa Pei Limited集團之全部已發行股本。此項收購之商譽為322,317,000港元。

(ii) 包含商譽的現金生產單位已進行減值測試。

本集團按業務分部分配商譽予可辨別的現金生產單位如下：

現金生產單位的可收回金額根據使用價值計算。計算方法按照管理層已核准而涵蓋五年期間的財務預算的現金流量估計。一年期間以後的現金流量按下述的估計利率作推斷。按一年期應用於現金流量估計之增長率不超過該現金生產單位所經營業務的長期平均增長率。

用於計算使用價值的貼現率為8%至12%。

管理層根據過往表現及預計市場發展釐定預算財務表現。加權平均增長率與行業報告內所作預測是一致的。

257




30 投資物業

本集團之投資物業位於香港及中國內地按以下租期持有：

本銀行的投資物業於二零一八年十二月三十一日由獨立專業合資格估值師韋堅信測量師行按公開市場及當前用途基準重新估值為102,800,000港元（二零一七年：78,100,000港元）。本銀行附屬公司的投資物業於二零一七年十二月三十一日由獨立專業合資格估值師深圳市國眾聯資產評估土地房地產估價諮詢有限公司按公開市場及當前用途基準重新估值為37,335,000港元（二零一七年：39,307,000港元）。

投資物業資料二零一八年十二月三十一日

30 INVESTMENT PROPERTIES


HK$’000 HK$’000

於一月一日之賬面值 Carrying amount at 1 January 117,407 79,658由銀行房產及物業轉入 Transferred from bank premises and properties 24,000 34,500重估收益淨額 Net revaluation gain 700 500匯兌差額 Exchange difference (1,972) 2,749

於十二月三十一日之賬面值 Carrying amount at 31 December 140,135 117,407

The Group’s investment properties are situated in Hong Kong and Mainland China under the following lease terms:


HK$’000 HK$’000

在香港持有 Held in Hong Kong長期租賃（50年以上） Long term leases (over 50 years) 102,800 78,100

在香港以外地區持有 Held outside Hong Kong中期租賃（10至50年） Medium term leases (10-50 years) 37,335 39,307

140,135 117,407

The Bank’s investment properties were revalued on 31 December 2018 by A.G. Wilkinson & Associates, an independent professionally qualified valuer, at HK$102,800,000 (2017: HK$78,100,000) on an open market, existing use basis. The investment properties of the Bank’s subsidiary were revalued on 31 December 2017 by Shenzhen GuoZhongLian Asset and Real Estate Appraisal Consulting Co., Ltd., an independent professionally qualified valuer, at HK$37,335,000 (2017: HK$39,307,000) on an open market, existing use basis.

Particulars of investment properties31 December 2018

地點Location

用途Use

租期Lease term

本集團之歸屬利益Attributable interest

of the Group

香港銅鑼灣高士威道8號地下B號舖Shop B on the Ground FloorNo. 8 Causeway RoadHong Kong

商業用途Office building

長期租賃（50年以上）Long term lease (over 50 years)

100%

九龍觀塘康寧道58號地下及閣樓Ground Floor and cockloftNo. 58 Hong Ning RoadKwun TongKowloon



100%

香港筲箕灣筲箕灣道195、197、199及 201號都會大廈地下A號舖

Shop A on Ground FloorCapital MansionNos. 195, 197, 199 and 201 Shau Kei Wan RoadShau Kei Wan, Hong Kong



100%

深圳市福田區振興路賽格科技工業園四棟二樓A、B座

Unit A&B, 2/F, 4 Blocks,SEG Technology Park,Zhenxing Road, Futian District,Shenzhen


中期租賃（10至50年）Medium term lease (10-50 years)

100%

258



31 物業及設備 31 PROPERTY, PLANT AND EQUIPMENT

銀行房產及物業Bank premises and properties

租賃物業裝修Leasehold

improvements

傢俬及設備Furniture and

equipment總計


HK$’000 HK$’000 HK$’000 HK$’000

於二零一七年十二月三十一日及二零一八年一月一日：

At 31 December 2017 and 1 January 2018:

成本或估值 Cost or valuation 827,563 410,947 436,593 1,675,103累計折舊及減值 Accumulated depreciation and impairment (181,759) (261,455) (326,121) (769,335)

於二零一七年十二月三十一日及二零一八年一月一日之賬面淨值

Net book value at 31 December 2017 and 1 January 2018 645,804 149,492 110,472 905,768

添置 Additions – 48,032 54,153 102,185出售 Disposals – (3,051) (7,363) (10,414)轉入投資物業 Transferred to investment properties (24,000) – – (24,000)重估（附註(i)） Revaluation (Note (i)) 20,958 – – 20,958年內計提折舊 Depreciation provided during the year (17,253) (39,623) (41,590) (98,466)匯兌及其他調整 Exchange rate and other adjustments 1,581 – 3,639 5,220

於二零一八年十二月三十一日之賬面淨值 Net book value at 31 December 2018 627,090 154,850 119,311 901,251

於二零一八年十二月三十一日： At 31 December 2018:成本或估值 Cost or valuation 818,178 446,927 457,419 1,722,524累計折舊及減值 Accumulated depreciation and impairment (191,088) (292,077) (338,108) (821,273)

於二零一八年十二月三十一日之賬面淨值 Net book value at 31 December 2018 627,090 154,850 119,311 901,251

上述資產之成本或估值分析如下： The analysis of cost or valuation of the above assets is as follows:

於二零一八年十二月三十一日： At 31 December 2018:按成本 At cost – 446,927 457,419 904,346按估值 At valuation 627,090 – – 627,090

627,090 446,927 457,419 1,531,436

259




31 物業及設備（續） 31 PROPERTY, PLANT AND EQUIPMENT (continued)

銀行房產及物業Bank premises and properties

租賃物業裝修Leasehold

improvements

傢俬及設備Furniture and

equipment總計Total


於二零一六年十二月三十一日及二零一七年一月一日：

At 31 December 2016 and 1 January 2017:

成本或估值 Cost or valuation 830,379 389,851 426,737 1,646,967累計折舊及減值 Accumulated depreciation and impairment (174,943) (233,216) (294,495) (702,654)

於二零一六年十二月三十一日及二零一七年一月一日之賬面淨值

Net book value at 31 December 2016 and 1 January 2017 655,436 156,635 132,242 944,313

添置 Additions – 27,481 27,653 55,134出售 Disposals – (2,592) (15,467) (18,059)轉入投資物業 Transferred to investment properties (34,500) – – (34,500)重估（附註(i)） Revaluation (Note (i)) 23,079 – – 23,079年內計提折舊 Depreciation provided during the year (17,346) (33,274) (49,314) (99,934)匯兌及其他調整 Exchange rate and other adjustments 19,135 1,242 15,358 35,735

於二零一七年十二月三十一日之賬面淨值 Net book value at 31 December 2017 645,804 149,492 110,472 905,768

於二零一七年十二月三十一日： At 31 December 2017:成本或估值 Cost or valuation 827,563 410,947 436,593 1,675,103累計折舊及減值 Accumulated depreciation and impairment (181,759) (261,455) (326,121) (769,335)

於二零一七年十二月三十一日之賬面淨值 Net book value at 31 December 2017 645,804 149,492 110,472 905,768

上述資產之成本或估值分析如下： The analysis of cost or valuation of the above assets is as follows:

於二零一七年十二月三十一日： At 31 December 2017:按成本 At cost – 410,947 436,593 847,540按估值 At valuation 645,804 – – 645,804

645,804 410,947 436,593 1,493,344

260



31 物業及設備（續）

附註：

(i) 銀行物業於二零一八年十二月三十一日根據由獨立專業合資格估值師韋堅信測量師行所作出之公開市場估值進行重估。附屬公司之房產已於二零一八年十二月三十一日根據由中國內地獨立專業合資格估值師深圳市國眾聯資產評估土地房地產估價諮詢有限公司所作出之公開市場估值進行重估。重估盈餘（扣除適用遞延所得稅）乃計入股東權益中之銀行物業重估儲備內。如本集團之銀行房產及物業按成本減累計折舊列賬，則彼等之賬面值將為49,737,000港元（二零一七年：56,318,700港元）。

本集團之物業位於香港及中國內地按以下租期持有：

32 其他資產

31 PROPERTY, PLANT AND EQUIPMENT (continued)

Note:

(i) The bank premises were revalued at 31 December 2018 based on the open market value by A.G. Wilkinson & Associates, an independent professionally qualified valuer. The subsidiary’s premises were revalued at 31 December 2018 based on the open market value by Shenzhen GuoZhongLian Asset and Real Estate Appraisal Consulting Co., Ltd, an independent professionally qualified valuer in the Mainland China. The revaluation surplus net of applicable deferred income taxes was credited to bank premises revaluation reserve in shareholders’ equity. The carrying amount of the bank premises and properties of the Group would have been HK$49,737,000 (2017: HK$56,318,700) had they been stated at cost less accumulated depreciation.

The Group’s properties are situated in Hong Kong and Mainland China under the following lease terms:


HK$’000 HK$’000

在香港持有 Held in Hong Kong長期租賃（50年以上） Long term leases (over 50 years) 377,846 396,200中期租賃（10至50年） Medium term leases (10-50 years) 100,220 89,520

在香港以外地區持有 Held outside Hong Kong中期租賃（10至50年） Medium term leases (10-50 years) 149,024 160,084

627,090 645,804

32 OTHER ASSETS


HK$’000 HK$’000

應收利息 Interest receivable 3,599,468 2,529,062預付款項 Prepayments 231,854 196,241結算賬戶 Settlement accounts 2,190,106 2,287,325已付保證金 Margin deposit paid 4,064,303 1,671,763保理 Factoring 1,349,260 61,632其他 Others 966,385 230,006

12,401,376 6,976,029

貸款承諾及金融擔保之減值撥備

Impairment allowances for loan commitment and financial guarantees

－12個月以內預期信用損失 – 12-month ECL (22,447) –

12,378,929 6,976,029

261




33 於附屬公司之投資

以下僅列出本集團主要附屬公司的詳情：

33 INVESTMENT IN SUBSIDIARIES

The following list contains only the particulars of principal subsidiaries of the Group:

公司名稱Name

註冊地點Place of incorporation

主要業務Principal activities

已發行及已繳足股本Issued and paid-up capital

持有之權益Interest held

2018 2017

華商銀行中華人民共和國銀行業務人民幣4,150,000,000元 100% 100%Chinese Mercantile Bank People’s Republic of China Banking business RMB4,150,000,000

工銀亞洲金業有限公司香港提供黃金業務 6,000,000港元 100% 100%ICBC (Asia) Bullion Company Limited Hong Kong Provision of bullion business HK$6,000,000

工銀亞洲期貨有限公司香港提供期貨業務 26,000,000港元 100% 100%ICBC (Asia) Futures Company Limited Hong Kong Provision of futures business HK$26,000,000

工銀資管（全球）有限公司香港提供資產管理服務 58,828,870港元 100% 100%ICBC Asset Management (Global) Company

LimitedHong Kong Provision of asset management services HK$58,828,870

工銀亞洲代理人有限公司香港提供代理人服務 10,000港元 100% 100%ICBC (Asia) Nominee Limited Hong Kong Provision of nominee services HK$10,000

工銀亞洲証券有限公司香港提供證券經紀服務 100,000,000港元 100% 100%ICBC (Asia) Securities Limited Hong Kong Provision of securities brokerage services HK$100,000,000

工銀亞洲信託有限公司香港提供信託服務 3,000,000港元 100% 100%ICBC (Asia) Trustee Company Limited Hong Kong Provision of trustee services HK$3,000,000

工銀亞洲金融服務有限公司（前稱「ICBC (Asia) Wa Pei Nominees

Limited」）（於二零一九年二月四日生效）

香港提供信託及公司服務 100港元 100% 100%

ICBC (Asia) Financial Services Company Limited (Formerly known as “ICBC (Asia) Wa Pei Nominees Limited” (with effect from 4 February 2019)

Hong Kong Provision of trustee and company services HK$100

開曼群島發行債券之特設公司 1美元 100% 100%ICBCA (C.I.) Limited Cayman Islands Being a special-purpose vehicle for bond

issuanceUS$1

友聯中國業務管理有限公司 (於二零一九年二月二十六日解散）

英屬維爾京群島不活躍 1美元 100% 100%

UB China Business Management Co. Ltd., (Dissolved on 26 February 2019)

British Virgin Islands Inactive US$1

工銀亞投股權投資管理（深圳）有限公司中華人民共和國私募股權投資 4,000,000美元 100% 100%People’s Republic of China Provision of equity investment US$4,000,000

中國－中東歐金融控股有限公司香港投資控股公司 24,708,183歐元 100% 100%SINO-CEEF Holding Company Limited Hong Kong Investment holding company EUR24,708,183

262



34 DEPOSITS FROM BANKS AND OTHER FINANCIAL INSTITUTIONS


HK$’000 HK$’000

銀行同業及其他金融機構之存款 Deposits from banks and other financial institutions 161,433,060 177,631,111

In respect of repurchase transactions, the fair value of collateral which were permitted to be sold or repledged from the Group was HK$27,253,616,000 as at 31 December 2018 (2017: HK$17,195,326,000).

The transactions are conducted on terms that are usual and customary to standard lending activities.

35 DEPOSITS FROM CUSTOMERS


HK$’000 HK$’000

活期存款及往來戶口 Demand deposits and current accounts 43,480,452 48,434,764儲蓄存款 Savings deposits 91,244,639 117,658,228定期及通知存款 Time, call and notice deposits 398,806,717 330,218,791

533,531,808 496,311,783

In respect of repurchase transactions, there was no collateral which were permitted to be sold or repledged from the Group as at 31 December 2018 (2017: Nil). The transactions are conducted on terms that are usual and customary to standard lending activities.

36 DEFERRED INCOME TAX

The movement on the deferred tax assets/(liabilities) account is as follows:


HK$’000 HK$’000

於一月一日 At 1 January 320,505 269,650因採用《香港財務報告準則》第9號之期初調整

Opening adjustment in accordance with HKFRS 948,867 –

369,372 269,650在收益表記賬 Credited to income statement 95,358 37,646在權益記賬 Credited to equity 298,616 54,784匯兌及其他調整 Exchange and other adjustments (13,578) (41,575)

於十二月三十一日 At 31 December 749,768 320,505

34 銀行同業及其他金融機構之存款

就回購交易而言，於二零一八年十二月三十一日，本集團獲准出售或轉押的抵押品的公平價值為27,253,616,000港元（二零一七年：17,195,326,000港元）。

進行交易的條款屬於標準借貸活動的一般及慣常條款。

35 客戶存款

就回購交易而言，於二零一八年十二月三十一日，本集團並無獲准出售或轉押的抵押品（二零一七年：無）。進行交易的條款屬於標準借貸活動的一般及慣常條款。

36 遞延所得稅

遞延稅項資產╱（負債）賬目之變動如下：

263




36 DEFERRED INCOME TAX (continued)

The following is an analysis of the deferred tax balances of the Group for financial reporting purposes:


HK$’000 HK$’000

於綜合財務狀況表確認之遞延所得稅資產淨額

Net deferred income tax assets recognised in the consolidated statement of financial position 749,768 320,505

於綜合財務狀況表確認之遞延所得稅負債淨額

Net deferred income tax liabilities recognised in the consolidated statement of financial position – –

於十二月三十一日 At 31 December 749,768 320,505

The deferred income tax (debited)/credited to equity during the year is as follows:


HK$’000 HK$’000

股東權益之公平價值儲備 Fair value reserves in shareholder’s equity銀行物業 Bank premises (4,691) (37,887)貸款、以公平價值經其他全面收益入賬投資及指定為現金流量對沖的衍生金融工具

Loans, FVTOCI investments and derivative financial instruments designated as cash flow hedge

303,307 –備供銷售金融投資及指定為現金流對沖的衍生金融工具

Available-for-sale financial investments and derivative financial instruments designated as cash flow hedge – 92,671

298,616 54,784

36 遞延所得稅（續）

就財務報告而言，本集團之遞延稅項結餘分析如下：

年內權益（支賬）╱記賬之遞延所得稅如下：

264




The movements in deferred income tax assets and liabilities (prior to offsetting of balances within the same taxation jurisdiction) during the year are as follows:

Deferred income tax assets

非信貸不良預期信用損失╱組合減值公平價值儲備（可轉回）公平價值儲備（不可轉回）加速稅項折舊總額

Not credit impaned ECL/collective impairment

Fair value reserves (recycling)

Fair value reserves (non-recycling) Accelerated tax depreciation Total

2018 2017 2018 2017 2018 2017 2018 2017 2018 2017千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

於一月一日 At 1 January 303,816 263,009 184,366 148,997 – – 672 637 488,854 412,643因採用《香港財務報告準則》第9號之期初調整

Opening adjustment in accordance with HKFRS 9

104,850 – (55,983) – – – – – 48,867 – 408,666 263,009 128,383 148,997 – – 672 637 537,721 412,643

在收益表記賬╱ （支賬）

Credited/(charged) to income statement 93,864 31,995 – – – – (249) (12) 93,615 31,983

在權益記賬 Credited to equity – – 247,195 85,803 50,290 – – – 297,485 85,803匯兌差額 Exchange difference (8,570) 8,812 (4,983) (50,434) – – (25) 47 (13,578) (41,575)

於十二月三十一日 At 31 December 493,960 303,816 370,595 184,366 50,290 – 398 672 915,243 488,854


年內遞延所得稅資產及負債（與同一稅務機關之結餘抵銷前）之變動如下：

遞延所得稅資產

265





Deferred income tax liabilities

物業重估儲備公平價值儲備（可轉回）公平價值儲備（不可轉回）加速稅項折舊總額

Premises revaluation reservesFair value reserves

(recycling)Fair value reserves

(non-recycling) Accelerated tax depreciation Total2018 2017 2018 2017 2018 2017 2018 2017 2018 2017

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

於一月一日 At 1 January 123,669 85,782 21,435 28,303 – – 23,245 28,908 168,349 142,993在收益表（支賬）╱記賬

Charged/(credited) to income statement – – – – – – (1,743) (5,663) (1,743) (5,663)

在權益記賬╱ （記賬）

Debited/(credited) to equity4,691 37,887 (5,822) (6,868) – – – – (1,131) 31,019

匯兌差額 Exchange difference – – – – – – – – – –

於十二月三十一日 At 31 December 128,360 123,669 15,613 21,435 – – 21,502 23,245 165,475 168,349

The Group has tax losses arising in Hong Kong of HK$1,547,975 (2017 HK$14,013,200) that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognised in respect of these losses as they have arisen in subsidiaries that have been loss-making for sometime and it is not considered probable that taxable profits will be available against which the tax losses can be utilised.

At 31 December 2018, there was no significant unrecognised deferred tax liability (2017: Nil) for taxes that would be payable on the future earnings of certain of the Group’s subsidiaries as the Group has no liability to additional tax should such amounts be received.

There are no income tax consequences attaching to the payment of dividends by the Bank to its shareholders.


遞延所得稅負債

本集團在香港產生之稅項虧損1,547,975港元（二零一七年：14,013,200港元），可無限期用以抵銷產生該等虧損之公司之未來應課稅溢利。由於該等虧損乃來自部分長期虧蝕之附屬公司，不大可能有應課稅溢利可供動用抵銷該等稅項虧損，故並無就此等虧損確認遞延稅項資產。

於二零一八年十二月三十一日，由於本集團若干附屬公司之未來盈利已收到，本集團亦無額外應付之稅項負債，故本集團並無應付之重大未確認遞延稅項負債（二零一七年：無）。

本銀行向其股東支付之股息並不附帶任何所得稅後果。

266



37 SUBORDINATED DEBTS MEASURED AT AMORTISED COST

2018 2017千港元利率千港元利率

HK$’000 Interest rate% HK$’000 Interest rate%

後償定息票據 Subordinated fixed rate notes－最終於二零二零年十一月三十日到期 – with a final maturity on 30 November 2020 3,909,718 5.125% 3,897,775 5.125%－最終於二零二三年十月十日到期（可於二零一八年十月十日贖回）

– with a final maturity on 10 October 2023 (callable on 10 October 2018) – – 3,895,658 4.5%

－最終於二零二四年十二月三十日到期（可於二零一九年十二月三十一日贖回）

– with a final maturity on 31 December 2024 (callable on 31 December 2019)

3,915,825 4.5% 3,907,050 4.5%

7,825,543 11,698,483

Subordinated debts were raised by the Bank for the development and expansion of business. Fixed rate debts have been fully subscribed by the ultimate holding company. These notes have been qualified and included as the Bank’s supplementary capital in accordance with the Capital Rules.

The Bank has not had any default of principal or interest or other breaches with respect to the subordinated debts during the year (2017: Nil).

37 以攤銷成本入賬之後償債項

後償債項乃由本銀行籌集作業務拓展用途。定息債券已獲最終控股公司悉數認購。該等票據合資格並已按資本規則列入本銀行之附加資本。

本銀行於本年度無拖欠本金、利息或其他與後償債項有關的違約情況（二零一七年：無）。

267




38 OTHER LIABILITIES


HK$’000 HK$’000

應付利息 Interest payable 5,876,389 5,345,577應付薪金及福利 Salaries and welfare payable 679,312 628,045結算賬戶 Settlement accounts 5,896,924 2,866,718已收保證金 Margin deposit received 881,542 2,640,164保理 Factoring 1,349,260 61,633其他 Others 3,250,247 1,139,736

17,933,674 12,681,873

貸款承諾及金融擔保之減值撥備 Impairment allowances for loan commitment and financial guarantees

－12個月以內預期信用損失 – 12-month ECL 133,889 –－非信貸不良的合約期內

之預期信用損失– Lifetime ECL not credit-impaired

2,596 –

18,070,159 12,681,873

The Group and the Bank have not had any defaults of principal, interest or other breaches with respect to their liabilities during the year (2017: nil).

39 SHARE CAPITAL

股份數目Number of

shares千股

in thousands

普通股Ordinary

shares千港元

HK$’000

於二零一七年一月一日、二零一八年一月一日及二零一八年十二月三十一日

At 1 January 2017, 1 January 2018 & 31 December 2018

2,577,000 36,379,331

In accordance with section 135 of the Hong Kong Companies Ordinance, the ordinary shares of the Bank do not have a par value.

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Bank. All ordinary shares rank equally with regard to the Bank’s residual assets.

38 其他負債

本集團及本銀行於年內就其負債並無任何拖欠本金、利息或其他違約（二零一七年：無）。

39 股本

根據香港公司條例第135條，本銀行的普通股並無面值。

普通股的持有人有權收取不時宣派的股息，並有權就每股股份於本銀行的股東大會上享有一票投票權。所有普通股在享有本銀行的剩餘資產方面地位相等。

268



40 ADDITIONAL EQUITY INSTRUMENTS


HK$’000 HK$’000

10億美元無期限非累積後償額外一級資本證券

US$1 billion undated non-cumulative subordinated additional tier 1capital securities 7,738,332 7,738,332

25.36億美元無期限非累積後償額外一級資本證券

US$2.536 billion undated non-cumulative subordinated additional tier 1capital securities 19,897,375 –

27,635,707 7,738,332

On 21 July 2016, the Bank issued Basel III-compliant Non-Cumulative Subordinated Additional Tier 1 Capital Securities (the “US$1 billion Additional Tier 1 Capital Securities”) in the aggregate amount of US$1 billion (equivalent to approximately HK$7,738 million net of related issuance costs). The Additional Tier 1 Capital Securities bear a 4.250% distribution until the first call date on 21 July 2021. If the Additional Tier 1 Capital Securities are not called, the distribution will be reset based on the then-prevailing 5-year US Treasury yield plus a fixed initial spread (3.135% per annum) every 5 years.

The distribution shall be payable semi-annually, with the first distribution payment date being 21 January 2017. The Bank has the right to cancel distribution payment (subject to the requirement as set out in the terms and conditions of the US$1 billion Additional Tier 1 Capital Securities) and the distribution cancelled shall not be cumulative. In addition, the Bank must cancel distribution payment (subject to the requirements set out in the terms and conditions of the US$1 billion Additional Tier 1 Capital Securities) if (a) the distribution scheduled to be paid together with other distributions scheduled to be paid on any parity obligations during the Bank’s then current fiscal year would cause the Bank to exceed its distributable reserves; or (b) the HKMA directs the Bank to cancel such distribution, or an applicable Hong Kong banking regulation or other requirement of the HKMA prevents the payment in full of dividends or other distributions when due on any other parity obligation.

The Bank has a call option to redeem all the outstanding US$1 billion Additional Tier 1 Capital Securities from 21 July 2021 or any subsequent distribution payment date thereafter.

On 21 March 2018, the Bank issued Basel III-compliant Non-Cumulative Subordinated Additional Tier 1 Capital Securities (the “US$2.536 billion Additional Tier 1 Capital Securities”) in the aggregate amount of US$2.536 billion (equivalent to approximately HK$19,897 million net of related issuance costs). The US$2.536 billion Additional Tier 1 Capital Securities bear a 4.90% distribution until the first call date on 21 March 2023. If the Additional Tier 1 Capital Securities are not called, the distribution will be reset based on the then-prevailing 5-year US Treasury yield plus a fixed initial spread (2.25% per annum) every 5 years.

40 額外權益工具

於二零一六年七月二十一日，本銀行發行符合巴塞爾資本協定三之非累積後償額外一級資本證券（「10億美元額外一級資本證券」），總額為10億美元（相等於約77.38億港元，已扣除相關之發行成本）。額外一級資本證券附帶息率4.250厘的分派，分派直至二零二一年七月二十一日之首個贖回日期。如額外一級資本證券沒有被贖回，該等分派將每五年根據當時五年期美國國庫券之息率加一個固定之初步息差（3.135厘年息率）予以重訂。

分派將每半年支付一次，首個分派日期為二零一七年一月二十一日。本銀行有權取消分派付款（受10億美元額外一級資本證券之條款及細則所載之規定限制），被取消之分派將不予累積。此外，如果：(a)該分派與本銀行當時財政年度內，其他享有同等權益義務的分派一起支付時會導致本銀行超越其可分配儲備額，或(b)金管局指令本銀行取消該分派付款，或相關香港銀行監管條例或金管局的其他法規阻止本銀行在任何其他同等權益義務分派到期時作出全額股息支付（或其他分配），本銀行必須取消分派付款（受10億美元額外一級資本證券之條款及細則所載之規定限制）。

本銀行享有一項贖回權，可由二零二一年七月二十一日或任何其後之分派支付日期起贖回全部未贖回之10億美元額外一級資本證券。

於二零一八年三月二十一日，本銀行發行符合巴塞爾資本協定三之非累積後償額外一級資本證券（「25.36億美元額外一級資本證券」），總額為25.36億美元（相等於約198.97億港元，已扣除相關之發行成本）。25.36億美元額外一級資本證券附帶息率4.90厘的分派，分派直至二零二三年三月二十一日之首個贖回日期。如額外一級資本證券沒有被贖回，該等分派將每五年根據當時五年期美國國庫券之息率加一個固定之初步息差（2.25厘年息率）予以重訂。

269




40 ADDITIONAL EQUITY INSTRUMENTS (continued)

The distribution shall be payable semi-annually, with the first distribution payment date being 21 September 2018. The Bank has the right to cancel distribution payment (subject to the requirements set out in the terms and conditions of the US$25.36 billion Additional Tier 1 Capital Securities) and the distribution cancelled shall not be cumulative. In addition, the Bank must cancel distribution payment (subject to the requirements set out in the terms and conditions of the US$25.36 billion Additional Tier 1 Capital Securities) if (a) the distribution scheduled to be paid together with other distributions scheduled to be paid on any parity obligations during the Bank’s then current fiscal year would cause the Bank to exceed its distributable reserves; or (b) the HKMA directs the Bank to cancel such distribution, or an applicable Hong Kong banking regulation or other requirement of the HKMA prevents the payment in full of dividends or other distributions when due on any other parity obligation.

The Bank has a call option to redeem all the outstanding US$25.36 billion Additional Tier 1 Capital Securities from 21 March 2023 or any subsequent distribution payment date thereafter.

The principal of the Additional Tier 1 Capital Securities will be written off up to the amount as directed by the HKMA if the HKMA notifies the Bank that in the opinion of the HKMA or a relevant government body, the Bank would become non-viable if there is no written off of the principal. The Additional Tier 1 Capital Securities also contain Hong Kong Bail-in Power. Each holder of the Additional Tier 1 Capital Securities shall be subject to the exercise by the Hong Kong Resolution Authority to any or a combination of the following:

(a) reduction or cancellation of all or a part of the principal and/or distribution of the Additional Tier 1 Capital Securities;

(b) the conversion of all or a part of the principal and/or distribution of the Additional Tier 1 Capital Securities into shares of the Bank or another person; and/or

(c) the amendment of the maturity, distribution payment date and/or the distribution amount of the Additional Tier 1 Capital Securities.

40 額外權益工具（續）

分派將每半年支付一次，首個分派日期為二零一八年九月二十一日。本銀行有權取消分派付款（受25.36億美元額外一級資本證券之條款及細則所載之規定限制），被取消之分派將不予累積。此外，如果：(a)該分派與本銀行當時財政年度內，其他享有同等權益義務的分派一起支付時會導致本銀行超越其可分配儲備額，或(b)金管局指令本銀行取消該分派付款，或相關香港銀行監管條例或金管局的其他法規阻止本銀行在任何其他同等權益義務分派到期時作出全額股息支付（或其他分配），本銀行必須取消分派付款（受25.36億美元額外一級資本證券之條款及細則所載之規定限制）。

本銀行享有一項贖回權，可由二零二三年三月二十一日或任何其後之分派支付日期起贖回全部未贖回之25.36億美元額外一級資本證券。

如金管局通知本銀行，金管局或相關政府部門認為，如本銀行不撤銷額外一級資本證券之本金，本銀行將無法繼續營運，則本銀行將按金管局之指示撤銷額外一級資本證券之本金額。額外一級資本證券亦附帶一項權力(Hong Kong Bail-in Power)。每名額外一級資本證券之持有人將受限於香港監管部門行使以下任何一項或多項權力：

(a) 削減或註銷額外一級資本證券之全部或部分本金及╱或分派；

(b) 將額外一級資本證券之全部或部分本金及╱或分派轉換為本銀行或另一名人士之股份；及╱或

(c) 修改額外一級資本證券之到期日、分派付款日及╱或分派金額。

270



41 RESERVES

41.1 Group

(i) Bank premises reserveThe property revaluation reserve has been set up and is dealt with in accordance with the accounting policies adopted for land and buildings in note 2.13.

(ii) Fair value reserveThe fair value reserve comprises the cumulative net change in the fair value of debt securities and loan measured at FVTOCI (2017:available-for-sale financial assets) until the financial assets are derecognized and is dealt with in accordance with the accounting policies in note 2.7(b).

(iii) Cash flow hedge reserveThe cash flow hedge reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition of the hedged cash flow in accordance with the accounting policy adopted for cash flow hedges in note 2.7(b).

(iv) Exchange reserveThe exchange reserve comprises a l l foreign exchange differences arising from the translation of the financial statements of foreign operations. The reserve is dealt with in accordance with the accounting policies set out in note 2.12(c).

(v) General reserveThe general reserve of the Group is comprised of:

• the transfer of retained earnings which is distributable to the shareholders of the Group; and

• a statutory surplus reserve of a subsidiary represents 10% of the profit after tax appropriation and 1% of the book value of risk assets as required by law and regulation in PRC. This reserve is used to offset accumulated losses or increase in capital.

A s a t 31 D e c e m b e r 2018 , t h e G r o u p h a s e a r m a r k e d a “ R e g u l a t o r y R e s e r v e ” o f H K $2,185,982 ,000 (2017: HK$3,589,630,000) from the retained earnings. The regulatory reserve is maintained to satisfy the provisions of the Hong Kong Banking Ordinance for prudential supervision purpose. Movements in the reserve are made directly through retained earnings and in consultation with the Hong Kong Monetary Authority.

The consolidated profit attributable to shareholders of the Group includes a profit of HK$7,024,364,000 (2017: HK$6,251,439,000) which has been dealt with in the accounts of the Bank.

41 儲備

41.1 本集團

(i) 銀行房產儲備已設立物業重估儲備，並按附註2.13所載就土地及樓宇所採納之會計政策處理。

(ii) 公平價值儲備公平價值儲備包括以公平價值經其他全面收益入賬之債券與貸款（二零一七年：備供銷售金融資產）累計直至該等金融資產終止確認為止之累計公平價值變動淨額，並按附註2.7(b)所載之會計政策處理。

(iii) 現金流量對沖儲備現金流量對沖儲備包括按附註2.7(b)所載就現金流量對沖所採納之會計政策，於有待已對沖現金流量其後確認之期間用於現金流量對沖之對沖工具累計公平價值變動淨額之有效部分。

(iv) 匯兌儲備匯兌儲備包括因換算外國業務的財務報表而產生之所有匯兌差額。此等儲備按附註2.12(c)所述之會計政策處理。

(v) 一般儲備本集團之一般儲備包括：

• 轉撥可供分派予本集團股東之保留溢利；及

• 附屬公司之法定盈餘儲備（相當於按中國法律及規例所規定之除稅後溢利撥款之10%及風險資產賬面值之1%）。此儲備用於沖銷累計虧損或增加資本。

於二零一八年十二月三十一日，本集團從保留溢利撥出2,185,982,000港元（二零一七年：3,589,630,000港元）作「法定儲備」。法定儲備是為應付香港銀行業條例中訂明之審慎監察目的而設。該儲備之變動在向香港金融管理局作出徵詢後，直接透過保留溢利作出。

本集團股東應佔之綜合溢利中包括已於本銀行賬目處理之溢利7,024,364,000港元（二零一七年：6,251,439,000港元）。

271




41 RESERVES (continued)

41.2 Bank


Bank premises

revaluation reserve

公平價值儲備

（可轉回）Fair value

reserve (recycling)

公平價值儲備

（不可轉回）Fair value

reserve (non-recycling)


reserve

現金流量對沖儲備Cash flow

hedge Reserve

一般儲備General reserve

保留溢利Retained earnings

總計Total

千港元千港元千港元千港元千港元千港元千港元千港元HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

於二零一八年一月一日 At 1 January 2018 455,928 (345,179) 87,747 (69,928) 108,473 219,200 37,831,819 38,288,060採納《香港財務報告準則》第9號的影響

Impact of adopting HKFRS 9– 339,132 (78,141) – – – (152,211) 108,780

455,928 (6,047) 9,606 (69,928) 108,473 219,200 37,679,608 38,396,840 以公平價值經其他全面收益入賬金融資產之公平價值變動

Change in fair value of financial asset measured at fair value through other comprehensive income – (1,544,424) (36,450) – – – – (1,580,874)

出售以公平價值經其他全面收益入賬投資證券之已變現儲備

Reserve realised on disposal of investment securities measured at fair value through other comprehensive income – (103,602) – – – – – (103,602)

現金流量對沖之公平價值變動 Change in fair value of cash flow hedge – – – – (35,286) – – (35,286)銀行物業重估盈餘 Revaluation surplus on bank premises 20,958 – – – – – – 20,958年內溢利 Profit for the year – – – – – – 7,024,365 7,024,365海外投資對沖儲備 Foreign investment hedging reserve – – – 155,764 – – – 155,764遞延稅項變動 Change in deferred tax (3,458) 271,925 – – 5,822 – – 274,289預期信用損失撥備之變動 Change in provision for ECL – 27,491 – – – – – 27,491其他調整項目 Other adjustments – – – – – – (818,259) (818,259)

於二零一八年十二月三十一日 At 31 December 2018 473,428 (1,354,657) (26,844) 85,836 79,009 219,200 43,885,714 43,361,686


Bankpremises

revaluationreserve

投資重估儲備

Investmentrevaluation

reserve


reserve

現金流量對沖儲備Cash flow

hedgeReserve

一般儲備Generalreserve

保留溢利Retainedearnings

總計Total

千港元千港元千港元千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

於二零一七年一月一日 At 1 January 2017 438,910 (250,345) – 143,232 219,200 31,764,687 32,315,684備供銷售金融投資之公平價值變動

Change in fair value of available-for-sale financial investments – (38,509) – – – – (38,509)

出售備供銷售金融投資之已變現儲備

Reserve realised on disposal of available-for-sale financial investments – 40,931 – – – – 40,931

現金流量對沖之公平價值變動

Change in fair value of cash flow hedge – – – (41,627) – – (41,627)

銀行物業重估盈餘 Revaluation surplus on bank premises 20,234 – – – – – 20,234

年內溢利 Profit for the year – – – – – 6,251,439 6,251,439海外投資對沖儲備 Foreign investment hedging rserve – – (69,928) – – – (69,928)遞延稅項變動 Change in deferred tax (3,216) (9,509) – 6,868 – – (5,857)其他調整項目 Other adjustments – – – – – (184,307) (184,307)

於二零一七年十二月三十一日 At 31 December 2017 455,928 (257,432) (69,928) 108,473 219,200 37,831,819 38,288,060

41 儲備（續）

41.2 本銀行

272



42 RELATED PARTY TRANSACTIONS

Listed out below is a summary of the balances and transactions entered into during the ordinary course of business with the ultimate holding company and fellow subsidiaries and associate, including the acceptance of placement of interbank deposits, corresponding banking transactions and off-balance sheet transactions. The activities were priced at the relevant market rates at the time of transactions.

42.1 Ultimate holding company


HK$’000 HK$’000

利息收入 Interest income 2,825,382 1,069,547利息支出 Interest expense 2,505,683 1,460,816營業收入1,2 Operating income1,2 684,698 317,539營業支出3,4 Operating expense3,4 360,032 387,209應收金額 Amounts due from 96,349,522 132,669,933應付金額 Amounts due to 137,712,471 173,944,147

1. In accordance with the agreements dated 20 June 2017 and 17 December 2018, management fee income was received from the Hong Kong Branch of ICBC (the “Branch”) for the provision of services such as accounting and budgeting, internal audit, marketing and back office settlement and clearing.

2. In accordance with the custodian and trustee services agreement dated 4 September 2007 and the supplemental custodian and trustee services agreements dated 16 May 2008 and 31 December 2009, services fees were paid by the ultimate holding company to the Bank for providing custodian, settlement and clearing services in relation to the investments outside the PRC in certain investment products by the customers of the ultimate holding company in connection with the Qualified Domestic Institutional Investor Scheme of the PRC.

3. In accordance with the service level agreements with the Bank dated 21 February 2002 (as amended and supplemented by supplemental agreements), and the service levels agreement with a subsidiary of the Bank dated 19 March 2008, service fee expense was paid to the ultimate holding company for the provision of data processing services to the Bank and its subsidiary.

4. In accordance with the tenancy agreement dated 23 May 2012, rental expense was paid to the ultimate holding company for the leasing of property located in Hong Kong.

42 關連交易

以下為於一般業務過程中與最終控股公司以及同系附屬公司和聯營公司訂立之結餘及交易概要，包括接納銀行同業之存款、相關之銀行交易及資產負債表外交易。該等活動乃於交易時間按有關市場利率定價。

42.1 最終控股公司

1. 根據二零一七年六月二十日與二零一八年十二月十七日的協議，本銀行就提供會計與預算、內部稽核、市場推廣及後台清算及結算等服務而向中國工商銀行香港分行（「分行」）收取管理費收入。

2. 根據二零零七年九月四日訂立之託管代理協議及二零零八年五月十六日和二零零九年十二月三十一日訂立之補充託管代理協議，本銀行為最終控股公司之客戶就有關中國合資格境內機構投資者計劃於中國境外投資之若干投資產品提供託管、結算及交收服務而向最終控股公司收取服務費。

3. 根據二零零二年二月二十一日訂立（經補充協議所修訂及補充）之服務協議及二零零八年三月十九日與本銀行附屬公司訂立之服務協議，本銀行及其附屬公司就最終控股公司所提供之數據處理服務支付服務費。

4. 根據日期為二零一二年五月二十三日之租賃協議，已就租賃位於香港之物業向最終控股公司支付租金支出。

273




42 RELATED PARTY TRANSACTIONS (continued)

42.1 Ultimate holding company (continued)

(i) Certificate of deposit issuedTransactions with ultimate holding company included the issuance of floating rate certificates of deposit and subordinated floating rate notes, which were both fully subscribed by the ultimate holding company and its branches. As at 31 December 2018, all certificates of deposit issued to the Branch of ultimate holding company had been repaid (2017: US$5,000,000,000, RMB300,000,000 and HKD11,000,000,000 certificates of deposit).

(ii) Committed facilitiesAs at 31 December 2018, the Bank has committed facilities t o t h e u l t i m a t e h o l d i n g c o m p a n y i n t h e a m o u n t o f RMB700,000,000 (2017: RMB700,000,000). The Bank also received conglomerate guarantee on loan from the ultimate holding company in the amount of HK$17,996,654,000 (2017: HK$16,901,337,000).

(iii) Undertaking from the ultimate holding companyTo demonstrate its support to the Bank, a letter of comfort dated 3 July 2001 was executed by the ultimate holding company, pursuant to which it will provide the Bank with such funding as may be required by the Bank to ensure that it will maintain sufficient capital and liquidity levels.

Simultaneously on 3 July 2001, the ultimate holding company and the Bank entered into a guarantee agreement whereby the ultimate holding company agreed to guarantee to the extent of HK$9,000,000,000 the payment obligations of certain customers whose “large exposures” were transferred to the Bank pursuant to a business transfer agreement and to indemnify the Bank in respect of any losses incurred if any obligation of such customers becomes unenforceable. There was no such on-balance sheet large exposures of the Bank covered by this guarantee as at 31 December 2018 (2017: Nil).

(iv) Sub-participation of loansThe Bank entered into various capital markets transactions with the Branch, which include arranging participation/sub- participation in loans, acquiring and disposing of interests in syndicated or individual loans, subscribing to and/or issuing of debt securities and tax efficient financing. These transactions included sub-participation in loans of the Bank by the ultimate holding company and/or the Branch for a total of HK$11,894,030,000 (2017: HK$3,931,929,000). There was no sub-participation in loans of the Branch by the Bank in 2018 (2017: Nil). The total fee attributable to the above transactions of approximately HK$10,412,000 was paid by the Bank to the Branch in 2018 (2017: HK$7,311,000). These transactions were priced based either on the terms of the underlying loan agreement, if applicable, or prevailing market rates if such comparable rates were available, or on terms that were no less favorable than those available to other independent loan members.

42 關連交易（續）

42.1 最終控股公司（續）

(i) 發行存款證與最終控股公司之交易包括發行浮息存款證及後償浮息票據，兩者均由最終控股公司及其分行全數認購。於二零一八年十二月三十一日，發行予最終控股公司的分行所有存款證已獲償付（二零一七年：5,000,000,000美元、人民幣300,000,000元及11,000,000,000港元之存款證）。

(ii) 承諾融資於二零一八年十二月三十一日，本銀行已承諾向最終控股公司授出融資為數人民幣700,000,000元（二零一七年：人民幣700,000,000元）。本銀行亦收到最終控股公司就貸款作出之合計擔保為數17,996,654,000港元（二零一七年：16,901,337,000港元）。

(iii) 最終控股公司作出之承諾為表示對本銀行之支持，最終控股公司於二零零一年七月三日簽署安慰函，據此，最終控股公司將向本銀行提供所需資金，以確保本銀行維持充足資本及流動資金水平。

於二零零一年七月三日，最終控股公司及本銀行訂立一份擔保協議，據此，最終控股公司同意就因根據業務轉讓協議轉讓予本銀行之若干「大額風險」客戶的付款責任作出高達9,000,000,000港元之擔保，及就該等客戶的任何責任未能依法執行而產生之任何損失對本銀行作出賠償保證。於二零一八年十二月三十一日，並無本銀行就該項擔保大額風險所保障之資產負債表項目（二零一七年：無）。

(iv) 從屬參與貸款本銀行與分行訂立各類資本市場交易，其中包括安排參與╱從屬參與貸款、買賣銀團或個別貸款的權益、認購及╱或發行債券及節稅型融資。該等交易包括最終控股公司及╱或分行從屬參與本銀行之貸款共計11,894,030,000港元（二零一七年：3,931,929,000港元）。於二零一八年，本銀行並無從屬參與分行的貸款（二零一七年：無）。於二零一八年，本銀行就上述交易向分行支付費用共約10,412,000港元（二零一七年：7,311,000港元）。該等交易乃按相關貸款協議之條款（如適用）或按可比較之現行市場價格，或以不遜於給予其他獨立銀團貸款成員之條款定價。

274




42.2 Fellow subsidiaries


HK$’000 HK$’000

利息收入 Interest income 328,355 186,727利息支出 Interest expense 17,025 20,490營業收入 Operating income 119,270 190,796營業支出 Operating expense 303,667 166,596應收金額 Amounts due from 9,176,945 12,059,240應付金額 Amounts due to 1,866,661 2,102,117

42.3 Associates


HK$’000 HK$’000

利息收入 Interest income 270 –利息支出 Interest expense 779 2,012應收金額 Amounts due from 37,083 –應付金額 Amounts due to 12,897 145,812

42.4 Transactions with other state controlled entities and government authority

Transactions with the following state-controlled entities and government authority are considered as individually significant or collectively significant to the Group:

• The Ministry of Finance of the PRC• Central Huijin Investment Limited (“Huijin”)• Other banks and financial institutions under the direction of

the PRC government in which Huijin has equity interests


HK$’000 HK$’000

利息收入 Interest income 1,988,535 1,360,358利息支出 Interest expense 88,783 244,133營業收入 Operating income 71,373 121,658營業支出 Operating expense 90,315 134,925應收金額 Amounts due from 63,764,386 50,748,508應付金額 Amounts due to 1,909,014 4,125,141

In addition, the Group may also enter into transactions with other state-controlled entities and government authority, including but not limited to lending, deposit taking and the provision of financial products or services. In the opinion of management, transactions with these state-controlled entities and government authority were conducted in the ordinary course of business under normal terms and conditions and at market rates. As a result, none of these transactions are considered individually significant.


42.2 同系附屬公司

42.3 聯營公司

42.4 與其他國家控制實體及政府機關之交易

與以下國家控制實體及政府機關的交易被視為對本集團來說屬個別地重要的交易或共同地重要的交易：

• 中國財政部• 中央滙金投資有限責任公司（「滙金」）• 滙金擁有股本權益之受中國政府指示之

其他銀行及金融機構

此外，本集團亦可能與其他國家控制實體及政府機關進行交易，包括但不限於存貸和提供金融產品或服務。管理層認為，與此等國家控制實體及政府機關進行的交易是於日常業務範圍內根據正常條款及條件以及按市場費率進行。因此，概無有關交易被視為屬個別地重要的交易。

275





42.5 Key management personnel remuneration

Remuneration for key management personnel, including the Bank’s directors’ emoluments, is as follows:


HK$’000 HK$’000

僱員福利 Employee benefits 23,941 25,869

42.6 Material transactions with key management personnel

During the year, the Group entered into certain banking transactions consisting of loans and advances, deposits and other financial related transactions with related parties in the normal course of business. The related parties include key management personnel of the Bank, their close family members and companies controlled or significantly influenced by them.


HK$’000 HK$’000

利息收入 Interest income 47 110利息支出 Interest expense 830 477貸款及其他賬項 Loans and advances 3,500 5,173存款 Deposits 90,744 44,460

42.7 Loans to directors and entities connected with directors

Loans to directors of the Bank, including loans to bodies corporate controlled by them, disclosed pursuant to section 383(1)(d) of the Hong Kong Companies Ordinance and Part 3 of the Companies(Disclosure of Information about Benefits of Directors) Regulation are as follows:

於十二月三十一日之未償還餘額年內最高結餘

Balance outstanding at 31 December

Maximum balance during the year

2018 2017 2018 2017千港元千港元千港元千港元

HK$’000 HK$’000 HK$’000 HK$’000

未償還本金及利息總額 Aggregate amount outstanding in respect of principal and interest 365 227 522 873


42.5 主要行政人員酬金

主要行政人員酬金，包括本銀行董事酬金，如下：

42.6 與主要行政人員之重大交易

年內，本集團與關連人士在正常商業活動下進行之銀行交易，包括貸款及其他賬項、存款及其他金融相關交易。關連人士包括本銀行之主要行政人員、其家庭成員及受其控制或重大影響之公司。

42.7 給予董事及與董事有關連之實體之貸款

根據香港公司條例第383(1)(d)條及公司（披露董事利益資料）規例第3部分披露向本銀行的董事作出貸款，包括向董事控制的法團貸款如下：

276



43 TRANSFERRED FINANCIAL ASSETS

The Group enters into transactions in the normal course of business by which it transfers recognised financial assets to third parties. In some cases these transfers may give rise to full or partial derecognition of the financial assets concerned. In other cases where the transferred assets do not qualify for derecognition as the Group has retained substantially all the risks and rewards of these assets, the Group continued to recognise the transferred assets.

Repurchase transactions and securities lending transactions

Transferred financial assets that do not qualify for derecognition mainly include debt securities held by counterparties as collateral under repurchase agreements and debt securities lent to counterparties under securities lending agreements. The counterparties are allowed to sell or repledge those securities sold under agreements to repurchase in the absence of default by the Group, but has an obligation to return the securities at the maturity of the contract. If the securities increase or decrease in value, the Group may in certain circumstances require or be required to pay additional cash collateral. The Group has determined that it retains substantially all the risks and rewards of these securities and therefore has not derecognised them. In addition, it recognises a financial liability for cash received as collateral.

The following table analyses the carrying amount of the abovementioned financial assets transferred to third parties that did not qualify for derecognition and their associated financial liabilities:

二零一八年十二月三十一日31 December 2018

轉讓資產的賬面值

相關負債的賬面值

Carrying amount of

transferred assets

Carrying amount of associated liabilities

回購協議 Repurchase agreements 3,273,892 3,345,308借出證券協議 Securities lending agreements 23,954,810 22,010,401

二零一七年十二月三十一日31 December 2017

轉讓資產的賬面值

相關負債的賬面值

Carrying amount of

transferred assets

Carrying amount of associated liabilities

回購協議 Repurchase agreements 2,484,684 1,838,238借出證券協議 Securities lending agreements 17,273,414 15,670,365

43 金融資產的轉讓

在日常業務中，本集團進行的某些交易會將已確認的金融資產轉讓給第三方。在某些情況，這些轉讓可能令到終止確認全部或部分相關金融資產。在其他情況下，本集團保留了已轉讓資產的絕大部分風險與回報，故該等資產不符合終止確認的條件，本集團繼續確認已轉讓資產。

回購交易及借出證券交易

不符合終止確認準則的已轉讓金融資產主要為回購協議中作為抵押品由對手方持有的債券以及根據借出證券協議借予對手方的債券。對手方在本集團無任何違約的情況下，可以將協議下售予彼等的證券出售或再次用於擔保以作回購，但同時需承擔在合約到期時歸還該等證券的義務。在某些情況下，若相關證券價值上升或下降，本集團可以要求或被要求支付額外的現金抵押品。本集團認為本集團保留了相關證券的大部分風險和回報，故未對其終止確認。同時，本集團將收到的現金抵押品確認為一項金融負債。

下表為上述已轉讓給第三方而不符合終止確認條件的金融資產及相關金融負債的賬面值分析：

277




43 TRANSFERRED FINANCIAL ASSETS (continued)

Discounted bills transactions

The Group enters into discounted bills transactions in the normal course of business by which it transfers discounted bills to third parties in the PRC with recourse term which would give rise to the Group’s continuing involvement in the transferred assets. As at 31 December 2018, the Group retain obligation on those PRC discounted bills transferred but not matured with a carrying amount of HK$1,765,770 (2017: HK$831,646).

44 OFF-BALANCE SHEET EXPOSURES

44.1 Contingent liabilities and commitments

The following are summaries of the contractual amounts of each significant class of contingent liabilities and commitments:

2018合約金額

Contractualamount

2018信用風險加權額


2017合約金額

Contractual amount

2017信用風險加權額



直接信貸代替品 Direct credit substitutes 11,175,509 6,241,122 14,120,487 4,623,651與交易有關之或然負債 Transaction-related contingencies 101,163 47,032 82,307 33,920與貿易有關之或然負債 Trade-related contingencies 9,296,278 1,789,909 10,218,602 1,988,043原到期日如下之其他承擔：

Other commitments with an original maturity of:

可無條件撤銷 Unconditionally cancellable 168,190,251 – 187,186,093 –原到期日少於一年 With original maturity of less than one year 4,376 875 841,730 84,423原到期日在一年及以上 With original maturity of over one year 48,720,704 23,864,902 45,699,339 20,630,849

237,488,281 31,943,840 258,148,558 27,360,886

Contingent liabilities and commitments arise from forward asset purchases, amounts owing on partly paid-up shares and securities, forward deposits placed, asset sales or other transactions with recourse, as well as credit-related instruments which include letters of credit, guarantees and commitments to extend credit. The risk involved in these credit-related instruments is essentially the same as the credit risk involved in extending loan facilities to customers. The contractual amounts represent the amounts at risk should the contract be fully drawn upon and the client default. As the facilities may expire without being drawn upon, the contract amounts do not represent expected future cash flows.

The risk weights used in the computation of credit risk weighted amounts range from 0% to 100%.

43 金融資產的轉讓（續）

貼現票據交易

在日常業務中，本集團進行的貼現票據交易會將附有追溯權條款的貼現票據轉讓給位於中國的第三方，令本集團繼續參與已轉讓的資產。於二零一八年十二月三十一日，本集團保留這些賬面值1,765,770港元（二零一七年：831,646港元）的已轉讓但未到期的中國貼現票據的責任。

44 資產負債表外風險

44.1 或然負債及承擔

以下為每個主要類別的或然負債及承擔的合約金額概要：

或然負債及承擔來自遠期資產購置、只繳付部分股款之股份及證券欠付之金額、遠期有期存款、附追溯權之資產銷售或其他交易，以及信貸相關工具，包括信用證、擔保和批授信貸之承擔。此等信貸相關工具所涉及之風險大致上與向客戶授出貸款融資所涉及之信用風險相同。合約金額為倘合約金額被全數提取及客戶拖欠還款而承擔風險之額。由於融資有可能在未經提取下屆滿，合約金額不等於預期未來現金流量。

計算信用風險加權金額所用之風險比重介乎0%至100%。

278



44 OFF-BALANCE SHEET EXPOSURES (continued)

44.2 Capital commitments

Capi ta l commitments for proper ty , p lant and equipment outstanding as at 31 December 2018 not provided for in the financial statements were as follows:


HK$’000 HK$’000

已訂約惟未撥備之支出 Expenditure contracted but not provided for 6,914 30,704已授權惟未訂約之支出 Expenditure authorised but not contracted for 29,683 641

36,597 31,345

44.3 Operating lease commitments

At 31 December 2018, the Group and the Bank had future aggregate minimum lease payments under non-cancellable operating leases as follows:


HK$’000 HK$’000

土地及樓宇 Land and buildings－一年以內 – Not later than one year 529,687 359,943－一年以上及五年以內 – Later than one year and not later than five years 506,259 528,770－五年以上 – More than five years 4,125 18,590

1,040,071 907,303

44 資產負債表外風險（續）

44.2 資本承擔

於二零一八年十二月三十一日之未於財務報表內撥備的物業及設備資本承擔餘額如下：

44.3 經營租約承擔

於二零一八年十二月三十一日，本集團及本銀行根據不可撤銷的經營租約於未來應付的最低租金總額如下：

279




44 OFF-BALANCE SHEET EXPOSURES (continued)

44.4 Operating lease arrangements

The Group leases its investment properties (Note 30 to the financial statements) under operating lease arrangements, with leases negotiated for terms ranging from two to eight years. The terms of the leases generally also require the tenants to pay security deposits and provide for periodic rent adjustments according to the then prevailing market conditions.

At as 31 December 2018, the Group had total future minimum lease receivables under non-cancellable operating leases with its tenants falling due as follows:


HK$’000 HK$’000

一年內 Within one year 2,094 1,971第二至五年（包括首尾兩年） In the second to fifth years, inclusive – 1,642五年以後 After five years – –

2,094 3,613

During the year, the Group had no unrecognised contingent rentals receivable (2017: Nil).

44 資產負債表外風險（續）

44.4 經營租約安排

本集團根據經營租約安排按商定年期為兩至八年之租約出租其投資物業（見財務報表附註30）。租約條款一般亦規定承租人須支付抵押按金，並訂明定期根據當時市況對租金作出調整。

於二零一八年十二月三十一日，本集團按以下到期期限根據不可撤銷的經營租約於未來應收其承租人的最低租金總額如下：

年內，本集團概無未確認應收或然租金（二零一七年：無）。

280



45 OFFSETTING OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES

Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements

並無於資產負債表內抵銷之金額Amounts not set off in the balance sheet

已確認金融資產之總額

Gross amounts of recognised

financial assets

於資產負債表內抵銷之總額

Gross amounts

offset in the balance sheet

於資產負債表呈列之淨額

Net amounts presented

in the balance sheet

金融工具Financial

instruments

已收現金抵押品

Cash collateral

received淨額

Net amount千港元千港元千港元千港元千港元千港元

於二零一八年十二月三十一日 At 31 December 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

衍生金融資產 Derivative financial assets 5,600,032 – 5,600,032 (2,301,106) (212,473) 3,086,453其他資產 Other assets 437,968 – 437,968 (376,203) – 61,765

6,038,000 – 6,038,000 (2,677,309) (212,473) 3,148,218


已確認金融負債之總額


financial liabilities


Gross amounts


於資產負債表呈列之淨額

Net amounts presented

in the balance sheet


instruments

已抵押現金抵押品

Cash collateral

pledged淨額


於二零一八年十二月三十一日 At 31 December 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

衍生金融負債 Derivative financial liabilities 4,366,962 – 4,366,962 (2,301,106) (1,810,689) 255,167其他負債 Other liabilities 461,767 – 461,767 (376,202) – 85,565

4,828,729 – 4,828,729 (2,677,308) (1,810,689) 340,732

45 金融資產及金融負債之抵銷

金融資產受限於抵銷、可強制執行的總淨額結算安排及類似協議

281




45 OFFSETTING OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued)


已確認金融資產之總額


financial assets


Gross amounts


於資產負債表呈列之淨額Net amounts

presented in the

balance sheet


instruments

已收現金抵押品

Cash collateral received

淨額Net amount

千港元千港元千港元千港元千港元千港元於二零一七年十二月三十一日 At 31 December 2017 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

衍生金融資產 Derivative financial assets 6,549,121 – 6,549,121 (3,191,332) (1,777,715) 1,580,074其他資產 Other assets 814,815 – 814,815 (697,108) – 117,707

7,363,936 – 7,363,936 (3,888,440) (1,777,715) 1,697,781


已確認金融負債之總額


financial liabilities


Gross amounts


於資產負債表呈列之淨額Net amounts

presented in the

balance sheet


instruments

已抵押現金抵押品

Cash collateral

pledged淨額


於二零一七年十二月三十一日 At 31 December 2017 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

衍生金融負債 Derivative financial liabilities 6,595,068 – 6,595,068 (3,191,332) (740,721) 2,663,015其他負債 Other liabilities 1,069,467 – 1,069,467 (697,108) – 372,359

7,664,535 – 7,664,535 (3,888,440) (740,721) 3,035,374

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.

Derivatives and reverse repurchase/repurchase agreements included in amounts not set off in the balance sheet relate to transactions where:

• the counterparty has an offsetting exposure with the Group and a master netting or similar arrangement is in place with a right of set off only in the event of default, insolvency or bankruptcy, or the offset criteria are otherwise not satisfied; and

• cash collateral received/pledged in respect of the transactions described above.

45 金融資產及金融負債之抵銷（續）

如有合法可強制執行權利抵銷已確認金額，並有意按淨額基準進行結算或同時變現資產及償還負債，金融資產及金融負債將進行抵銷並於資產負債表內按淨額呈列。

列入並無於資產負債表進行抵銷之金額內之衍生工具和轉售╱回購協議與以下交易有關：

• 對手方與本集團之間有可抵銷持倉並且已制定總淨額結算或類似安排，但附帶只在發生違約事件、資不抵債或破產情況下方可進行抵銷之權利，否則抵銷條件未能達成；及

• 就上述交易已收╱已抵押之現金抵押品。

282



46 BANK LEVEL STATEMENT OF FINANCIAL POSITION



31 December 2018

31 December 2017

HK$’000 HK$’000

資產 Assets現金及在銀行同業與其他金融機構之結餘 Cash and balances with banks and other financial

institutions 144,687,989 155,708,616在銀行同業及其他金融機構之存款 Placements with banks and other financial institutions 92,859,061 76,958,356以公平價值經損益表入賬金融資產 Financial assets at fair value through profit or loss 386,067 –衍生金融工具 Derivative financial instruments 9,116,251 15,394,138貸款及其他賬項 Advances and other accounts 372,118,128 357,315,848金融投資： Financial investments: 136,603,151 149,012,979－備供銷售 – Available-for-sale – 71,013,898－以公平價值經其他

全面收益入賬– Measured at fair value through other

comprehensive income 90,146,841 –－持有至到期 – Held-to-maturity – 77,999,081－以攤銷成本入賬 – Measured at amortised cost 46,456,310 –

於聯營公司之投資 Investments in associates 75,674 106,874於附屬公司之投資 Investments in subsidiaries 7,790,302 5,407,552商譽及其他無形資產 Goodwill and other intangible assets 950,771 949,109投資物業 Investment properties 102,800 78,100物業及設備 Property, plant and equipment 719,020 725,486遞延所得稅資產 Deferred income tax assets 489,431 117,137其他資產 Other assets 12,476,478 6,739,897

資產總額 Total assets 778,375,123 768,514,092

負債 Liabilities銀行同業及其他金融機構之存款 Deposits from banks and other financial institutions 120,622,925 131,090,286衍生金融工具 Derivative financial instruments 6,869,667 8,579,757客戶存款 Deposits from customers 478,477,616 429,422,180已發行存款證 Certificates of deposit issued 24,948,381 86,891,955已發行債券 Debt securities in issue 17,215,886 8,115,874－指定以公平價值經損益表入賬 – Designated at fair value through profit or loss 2,642,190 6,585,182－以攤銷成本入賬 – Measured at amortised cost 14,573,696 1,530,692

現行稅項負債 Current income tax liabilities 426,991 203,676以攤銷成本入賬之後償債項 Subordinated debts measured at amortised cost 7,825,543 11,698,483其他負債 Other liabilities 14,611,390 10,106,158

負債總額 Total liabilities 670,998,399 686,108,369

權益 Equity股本 Share capital 36,379,331 36,379,331保留溢利 Retained earnings 43,885,714 37,831,819其他儲備 Other reserves (524,028) 456,241

歸屬於本銀行股東權益總額 Total equity attributable to shareholders of the Bank 79,741,017 74,667,391額外權益工具 Additional equity instruments 27,635,707 7,738,332

權益總額 Total equity 107,376,724 82,405,723

權益及負債總額 Total equity and liabilities 778,375,123 768,514,092

高明武龍 Gao Ming Wu LongVice-Chaiman,Executive Director & Chief Executive Officer

主席兼執行董事

副主席、執行董事兼行政總裁

Chairman, & Executive Director

46 本銀行層面的財務狀況表

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47 THE ULTIMATE HOLDING COMPANY

In the opinion of the directors, the ultimate holding company of the Bank is Industrial and Commercial Bank of China Limited, which is established in the PRC and produces financial statements available for public use.

48 INVOLVEMENT WITH UNCONSOLIDATED STRUCTURED ENTITIES

The Group holds an interest in some structured entities sponsored by third party institutions through investments in the notes issued by these structured entities. Such structured entities include investment funds and segregated asset management plans and the Group does not consolidate these structured entities. The nature and purpose of these structured entities are to generate fees from managing assets on behalf of investors and are financed through the issue of investment products to investors.

The following table sets out an analysis of the carrying amounts of interests held by the Group in the structured entities sponsored by third party institutions:

2018賬面值最大損失敞口

Carrying amount

Maximum exposure


投資基金 Investment funds 7,568,844 7,568,844專項資產管理計劃 Segregated asset management plans 139,622 139,622

7,708,466 7,708,466

2017賬面值最大損失敞口

Carrying amount

Maximum exposure


投資基金 Investment funds 6,437,777 6,437,777專項資產管理計劃 Segregated asset management plans 731,157 731,157

7,168,934 7,168,934

47 最終控股公司

董事認為，於中國註冊成立之中國工商銀行股份有限公司乃本銀行之最終控股公司。該公司將刊發財務報表供公眾使用。

48 未納入綜合財務報表範圍的結構化主體中的權益

本集團通過投資第三方機構發起設立的若干結構化主體發行的票據，持有該等結構化主體的權益。這些結構化主體未納入本集團的綜合財務報表範圍，包括投資基金及專項資產管理計劃。這些結構化主體的性質和目的是代為管理投資者的資產以賺取費用，其融資方式是向投資者發行投資產品。

下表載列本集團於第三方機構發起設立的結構化主體中持有的權益，按賬面值分析：

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48 INVOLVEMENT WITH UNCONSOLIDATED STRUCTURED ENTITIES (continued)

The following table sets out an analysis of the line items in the statement of financial position as in which assets were recognised relating to the Group’s interests in structured entities sponsored by third parties:

二零一八年十二月三十一日31 December 2018

貸款Loans


Financial assets

at FVTPL

衍生金融資產Derivative

financial assets


投資基金 Investment funds 4,438,807 386,067 2,743,970專項資產管理計劃 Segregated asset management plans – 139,622 –

4,438,807 525,689 2,743,970

二零一七年十二月三十一日31 December 2017以公平

價值經損益表入賬金融資產

Financial assets

at FVTPL

衍生金融資產Derivative

financial assets


投資基金 Investment funds – 6,437,777專項資產管理計劃 Segregated asset management plans 731,157 –

731,157 6,437,777

49 COMPARATIVE AMOUNTS

(a) During the year, management reviewed the presentation of “Management fee income” in the income statement and determined that it is more appropriate to classify it as Other operating income rather than fee and commission income as previously disclosed. The amount was reclassified as Other operating income in the current period and accordingly the comparative figure amounted to HK$40,000,000 was reclassified from Net fee and commission income to Other operating income to conform with the current year’s presentation.

(b) In addition to the above items, certain comparative amounts have been amended to conform with current year’s presentation.

48 未納入綜合財務報表範圍的結構化主體中的權益（續）

下表載列與本集團於第三方發起設立的結構化主體中的權益有關的已確認資產，其於財務狀況表中單項的分析：

49 比較金額

(a) 年內，管理層已檢討「管理費收入」於收益表的呈列方式，認為將其分類為其他營業收入（而非先前披露的收費及佣金收入）較為合適。該金額於本期間重新分類為其他營業收入，因此比較數字為數40,000,000港元已從收費及佣金收入淨額重新分類至其他營業收入，以符合本年度的呈列方式。

(b) 除上述項目外，若干比較金額已修訂以符合本年度的呈列方式。

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附加財務資料（未經審核）Supplementary Financial Information (unaudited)

The following information is disclosed as part of the accompanying information to the financial statements and does not form part of the audited financial statements.

1 CAPITAL ADEQUACY AND CAPITAL BASE

Capital adequacy ratios were compiled in accordance with the Banking (Capital) Rules (the “Capital Rules”) issued by the HKMA. The ratios were compiled in accordance with the amended Capital Rules effective from 1st January 2013 for the implementation of the “Basel III” capital accord. In view of the Capital Rules, the Group has adopted the “standarised (credit risk) approach” for the calculation of the risk-weighted assets for credit risk, “basic indictor approach” for the calculation of the operational risk and the “standarised (market risk) approach” for the calculation of market risk.

The basis of consolidation for financial accounting purposes is in accordance with Hong Kong Financial Reporting Standards (“HKFRS”), as described in Note 2 on the notes to the financial statements. Subsidiaries included in the consolidation for regulatory purposes are specified in a notice from the HKMA in accordance with section 3C(1) of the Capital Rules.

Under the Capital Rules, the basis of consolidation in calculating the capital ratios follows that of the financial reporting with the exclusion of subsidiaries which are “regulated financial entities” (e.g., Insurance and securities companies) as defined by the Capital Rules. Accordingly, the investment costs of these unconsolidated subsidiaries are deducted from the capital base. There is no capital shortfall of these unconsolidated subsidiaries.

下列資料僅披露為財務報表附加資料之部分，並不構成經審核財務報表任何部分。

1 資本充足比率及資本基礎

資本充足比率乃根據香港金融管理局所頒布的銀行業（資本）規則（「資本規則」）編制。該等比率乃根據因應實施巴塞爾資本協定三而經修訂並於二零一三年一月一日生效的資本規則編製。本集團因資本規則而採納「標準（信用風險）計算法」計算信用風險之風險加權資產、採納「基本指標計算法」計算業務運作風險及採納「標準（市場風險）計算法」計算市場風險。

正如財務報表附註2所述，用於財務會計的綜合基準乃按照《香港財務報告準則》（「《香港財務報告準則》」）而編制。根據資本規則第3C(1)條，就監管而言被綜合的附屬公司，均會列在由香港金融管理局發出的通知。

根據資本規則，計算資本比率之綜合基準乃跟隨財務報告之綜合基準，但撇除資本規則定義為「受規管金融實體」（如保險及證券公司）之附屬公司。因此，該等未綜合之附屬公司之投資成本會從資本基礎中扣除。該等未綜合附屬公司概無任何資金短缺。

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1 CAPITAL ADEQUACY AND CAPITAL BASE (continued)

A list of these unconsolidated subsidiaries is shown below:

於二零一八年十二月三十一日At 31 December 2018總資產總權益

Total assets Total equity 千港元千港元

主要活動 Principal activites HK$’000 HK$’000

工銀亞洲金業有限公司提供黃金業務ICBC (Asia) Bullion Company Limited Provision of bullion business 7,351 7,338工銀亞洲期貨有限公司提供期貨業務ICBC (Asia) Futures Company Limited Provision of futures business 102,706 102,666工銀資管（全球）有限公司* 提供資產管理服務ICBC Asset Management (Global) Company Limited* Provision of asset management services 161,774 136,087工銀亞洲証券有限公司提供證券經紀服務ICBC (Asia) Securities Limited Provision of securities brokerage services 1,293,305 984,811工銀亞洲信託有限公司提供信託服務ICBC (Asia) Trustee Company Limited Provision of trustee services 58,526 54,800工銀亞洲金融服務有限公司（前稱「ICBC (Asia) Wa Pei Nominees Limited」）（於二零一九年二月四日生效）

提供信託及公司服務

ICBC (Asia) Financial Services Company Limited (Formerly known as "ICBC (Asia) Wa Pei Nominees Limited" (with effect from 4 February 2019))

Provision of trustee and company services

– –友聯中國業務管理有限公司（於二零一九年二月二十六日解散）

不活躍

UB China Business Management Co. Ltd. (Dissolved on 26 February 2019)

Inactive– –

大中華基金信託基金Greater China Fund Trust fund 2,871,216 2,778,064

* Included a consolidated subsidiary in the name of ICBC (Asia) Investment Management (Shenzhen) Co., Ltd.

As at 31 December 2018, there are no subsidiaries which are included within both the accounting scope of consolidation and the regulatory scope of consolidation but the method of consolidation differs. There are also no subsidiaries which are included within the regulatory scope of consolidation but not included within the accounting scope of consolidation.

1 資本充足比率及資本基礎（續）

下表列示此等未綜合附屬公司：

* 包括名為工銀亞投股權投資管理（深圳）有限公司的綜合附屬公司

於二零一八年十二月三十一日，概無在會計及監管而言均被包含在綜合範圍內、但綜合方法有別之附屬公司。亦概無任何附屬公司僅包含在就監管而言的綜合範圍內，而不包含在就會計而言的綜合範圍內。

287




The Group operates a subsidiary in other countries and territories where capital is governed by local rules and there may be restrictions on the transfer of regulatory capital and funds between members of the Group.



31 December 2018

31 December 2017


普通股權一級資本 Common Equity Tier 1 (“CET1”) Capital普通股權一級資本工具 CET1 capital instruments 36,379,331 36,379,331普通股權一級資本工具產生的股份溢價 Share premium arising from CET1 capital

instruments – –保留溢利 Retained earnings 50,113,313 42,988,708

其中：本財政年度未經審核的損益與待審計完成的上一財政年度損益

of which: unaudited profit or loss of the current financial year and profit or loss of the immediately preceding financial year pending audit completion 8,415,000 7,628,616

披露儲備 Disclosed reserves 1,908,483 3,253,484

其中：以公平價值經其他全面收益入賬－金融資產╱備供銷售投資儲備

of which: fair value through other comprehensive income – financial assets/available-for-sale investment reserve (1,995,499) (1,038,568)

普通股權益一級資本（扣減前） CET1 Capital before deductions 88,401,127 82,621,523扣減： Deduct:與金融工具對沖有關並且在資產負債表中並非以公平價值入賬的累計現金流量對沖儲備

Cumulative cash flow hedge reserves that relate to the hedging of financial instruments that are not fair valued on the balance sheet (79,010) (108,473)

以公平價值入賬及因本身之信用風險變動而產生之機構負債累計公平價值損益

Cumulative fair value gain or losses on liabilities of the institution that are fair-valued and result from changes in the own credit risk – –

土地及樓宇重估所產生的累計公平價值收益

Cumulative fair value gains arising from the revaluation of land and buildings (627,637) (605,736)

一般銀行風險的監管儲備 Regulatory reserve for general banking risk (2,185,982) (3,550,720)商譽（扣除相關遞延稅項負債） Goodwill (net of related deferred tax liability) (980,154) (980,154)其他無形資產（扣除相關遞延稅項負債） Other intangible assets (net of related deferred tax

liability) (17,155) (15,676)超出遞延稅項負債的遞延稅項資產 Deferred tax assets in excess of deferred tax liabilities (749,768) (320,505)機構持有土地及樓宇產生的低於已折舊成本的累計虧損

Cumulative losses below depreciated cost arising from the Institution’s holdings of land and building (290) (302)

有關衍生工具合約之負債估值調整 Debit valuation adjustments in respect of derivative contracts (3,462) (53,016)

普通股權一級資本（扣減後） CET1 Capital after deductions 83,757,669 76,986,941

增加： Add:額外一級資本（扣減後） Additional Tier 1 Capital after deductions 27,680,380 7,802,379

一級資本（扣減後） Tier 1 Capital after deductions 111,438,049 84,789,320

普通股權二級資本 Common Equity Tier 2 (“CET 2”) Capital已發行二級資本工具及股份溢價 Tier 2 capital instruments issued and share premium 5,474,120 9,740,139其中：需除去金額 of which: amount that is subject to phase out 1,558,295 1,943,503持有的土地及樓宇重估公平價值收益貢獻的儲備

Reserve attributable to fair value gains on revaluation of holdings of land and buildings 282,437 272,581

一般銀行風險之法定儲備及列入二級資本的組合撥備（限於1.25%的風險加權金額）

Regulatory reserve for general banking risks and collective provisions included in Tier 2 Capital (limited to 1.25% of risk-weighted amount) 5,452,006 5,840,190

二級資本（扣減前） Tier 2 Capital before deductions 11,208,563 15,852,910扣減 Deductions – –二級資本（扣減後） Tier 2 Capital after deductions 11,208,563 15,852,910

扣減後資本基礎總額 Total capital base after deductions 122,646,612 100,642,230


本集團於不同國家及地區營運之附屬公司，其資本受當地條例所規管而可能限制法定資本及資金在集團成員公司之間調撥。

288






31 Dec 2018 31 Dec 2017千港元千港元

HK$’000 HK$’000

風險加權資產 Rish-weighted assets信用風險 Credit risk 576,730,100 567,577,535市場風險 Market risk 19,733,863 17,068,200運作風險 Operational risk 24,984,000 22,998,675扣除：一般銀行業風險之法定儲備

部分及並無包括在二級資本內的組合撥備

Deduct: Portion of regulatory reserve for general banking risks and collective provisions which is not included in Tier 2 capital – –

不包括在二級資本內的由土地及樓宇重估所產生的累計公平價值收益部分

Portion of cumulative fair value gains arising from the revaluation of land and buildings which is not included in Tier 2 capital (345,200) (333,155)

風險加權資產總值 Total risk-weighted assets 621,102,763 607,311,255



31 Dec 2018 31 Dec 2017

普通股權一級資本比率 CET1 capital ratio 13.49% 12.68%一級資本比率 Tier 1 capital ratio 17.94% 13.96%總資本比率 Total capital ratio 19.75% 16.57%防護緩衝資本比率 Capital conservation buffer ratio 1.88% 1.25%

To comply with the Banking (Disclosure) Rules, the Group will establish a new section “Regulatory Capital Disclosure” on its website to house all the information relating to the disclosure of regulatory capital instruments and the reconciliation to the Group’s published annual financial disclosure statements.

The disclosure will be published on its website (www.icbcasia.com) according to the Banking (Disclosure) Rules and will include the following information:

– A description of the main features and the full terms and conditions of the Group’s CET1 capital, Additional Tier 1 capital, Tier 2 capital.

– A detailed breakdown of the Group’s CET1 capital, Additional Tier 1 capital, Tier 2 capital and regulatory deductions, using the standard template as specified by the HKMA.

– A full reconciliation between the Group’s accounting and regulatory balance sheets, using the standard template as specified by the HKMA.


為符合銀行業（披露）規則，本集團將在本行網站內增設「監管資本披露」一節，披露一切關於監管資本工具，以及就本集團已公佈之年度財務披露報表而作出之全部對賬的資料。

本行將於本集團之網站(www.icbcasia.com)按銀行業（披露）規則公佈披露，有關披露將包括下列資料：

－本集團之普通股權一級資本、額外一級資本及二級資本之主要特點及全部條款及條件。

－本集團採用金管局要求之標準範本披露本集團之普通股權一級資本、額外一級資本、二級資本，以及監管扣減之詳情。

－本集團採用金管局要求之標準範本披露本集團就財務及監管資產負債表作出之全部對賬。

289



2 LIQUIDITY COVERAGE RATIO

The Group complies with the minimum requirement of 60% of Liquidity Coverage Ratio (“LCR”) on a daily basis with effective from 1 January 2017 onwards, in accordance with the Banking (Liquidity) Rules issued by the HKMA.

2018 2017

平均流動資金覆蓋比率 Average liquidity coverage ratio－第一季 – First quarter 167.17% 131.86%－第二季 – Second quarter 150.74% 136.31%－第三季 – Third quarter 162.07% 126.56%－第四季 – Fourth quarter 185.90% 144.58%

Liquidity disclosures as required by section 30 and 30A of the Banking (Disclosure) Rules are available in the section of Regulatory Disclosures of our website www.icbcasia.com.

2 流動資金覆蓋比率

本集團由二零一七年一月一日起每日遵守根據香港金融管理局發出的銀行業（流動性）規則規定的最低流動資金覆蓋比率（「流動資金覆蓋比率」）60%的要求。

銀行業（披露）規則第30及30A條規定的流動性披露要求，可瀏覽本銀行網站www.icbcasia.com「監管披露」一節。

290



3 CAPITAL CHARGE FOR CREDIT, OPERATIONAL AND MARKET RISKS

3.1 Credit risk

(i) The Group uses the following external credit assessment institutions (“ECAIs”) to calculate its capital adequacy requirements under the standardized (credit risk) approach prescribed in the Capital Rules:

• Moody’s Investors Service• S&P’s Ratings Services• Fitch Ratings

The capital requirements on each class of exposures under the standardized (credit risk) approach as at the end of reporting period is summarised as follows:


HK$’000 HK$’000

資產負債表項目 On-balance sheet

主權風險 Sovereign exposures 15,008 –公營機構風險 Public sector entity exposures 75,204 31,349銀行風險 Bank exposures 8,632,198 9,193,034證券公司風險 Securities firm exposures 17,033 8,209企業風險 Corporate exposures 29,073,316 28,745,723組合投資計劃風險 Collective investment scheme exposures 344,157 28,205現金項目 Cash items 110,869 109,050規管性零售業風險 Regulatory retail exposures 1,112,154 1,213,009住宅按揭貸款 Residential mortgage loans 1,654,005 1,140,139其他並非逾期之風險 Other exposures which are not past due exposures 1,130,958 936,897逾期風險 Past due exposures 165,202 152,683

資本負債表風險項目之資本性支出總額 Total capital charge for on-balance sheet exposures 42,330,104 41,558,298

資產負債表外項目 Off-balance sheet

直接信貸代替品 Direct credit substitutes 499,290 369,892與交易有關之或然負債 Transaction-related contingencies 3,763 2,714與貿易有關之或然負債 Trade-related contingencies 143,193 159,043其他承擔 Other commitments 1,909,192 1,650,468外匯合約 Exchange rate contracts 209,743 306,940利率合約 Interest rate contracts 57,950 52,623貴金屬合約 Precious metal contracts – 75受限於有效雙邊淨額結算安排的衍生工具合約

Derivatives contracts subjects to valid bilateral netting agreements 48,092 55,799

股本權益合約 Equity contracts 312,682 580,130債券合約或其他商品合約 Debt Security contracts or other commodity contracts 14,390 313證券融資交易 Securities financing transaction 118,018 137,450

資產負債表外風險之資本性支出總額 Total capital charge for off-balance sheet exposures 3,316,313 3,315,447

信用風險之資本性支出總額 Total capital charge for credit risk 45,646,417 44,873,745

3 信用風險、業務操作風險及市場風險之資本性支出

3.1 信用風險

(i) 本集團使用下列外部信貸評級機構（「外部信貸評級機構」）根據資本規則規定的標準（信用風險）計算法計算其資本充足要求：

• 穆迪投資者服務• 標準普爾評級服務• 惠譽評級

每一類風險於報告期結束時根據標準（信用風險）計算法計算的資本要求概要如下：

291



3 CAPITAL CHARGE FOR CREDIT, OPERATIONAL AND MARKET RISKS (continued)


(i) The capital requirement is made by multiplying the Group’s risk-weighted amount derived from the relevant calculation approach by 8%. It does not reflect the Group’s actual regulatory capital.

(ii) Where exposures have been rated by the above-mentioned ECAIs, they are categorised under the following class of exposures:

• Sovereign exposures• Public sector entity exposures• Multilateral development bank exposures• Bank exposures• Securities firm exposures• Corporate exposures• Collective investment scheme exposures

(iii) The process used to map ECAIs issuer ratings or ECAIs issue specific ratings in the Group’s banking book is consistent with those prescribed in the Capital Rules.

3.2 Operational risk

HKMA has granted approval under section 24(1)(a) of the Capital Rules for the Group to use the updated Basel Basic Indicator Approach to calculate its operational risk. The Group thus applies this approach in managing operational risk, but is simultaneously adopting the relevant supervising guidelines of the HKMA. As at 31 December 2018, the capital charge for operational risk amounted to HK$1,998,720,000 (2017: HK$1,839,894,000).

3.3 Market risk

Market risk activities currently undertaken by the Bank can basically be divided into “Trading Book” and “Non-Trading Book”.

Trading Book:

It consists of proprietary positions in financial instruments and derivatives which are held for re-sale or which are taken on with the trading intention of benefiting from actual and/or expected short-term price or interest rate movements.

3 信用風險、業務操作風險及市場風險之資本性支出（續）


(i) 資本要求乃以本集團由相關計算法得出之風險加權額乘以8%計算，並不反映本集團的實際監管資本。

(ii) 由上述外部信貸評級機構評估的風險按下列風險類別分類：

• 主權風險• 公營機構風險• 多邊發展銀行風險• 銀行風險• 證券公司風險• 企業風險• 組合投資計劃風險

(iii) 本集團銀行簿冊內用以列示外部信貸評級機構發行人評級或外部信貸評級機構發行特定評級的程序與資本規則內之規定一致。

3.2 業務操作風險

香港金融管理局已根據資本規則第24(1)(a)條批准本集團使用經更新之巴塞爾資本協定基本指標計算法以計算其業務操作風險。因此，本集團於管理業務操作風險方面應用此方法，但同時採納香港金融管理局之有關監管指引。於二零一八年十二月三十一日，業務操作風險之資本性支出為1,998,720,000港元（二零一七年：1,839,894,000港元）。

3.3 市場風險

目前由本銀行進行之市場風險活動基本上可劃分為「交易賬項」及「非交易賬項」。

交易賬項：

交易賬項包括於備供再銷售或交易意向為自實際及╱或預期短期價格或利率變動中獲益而認購之金融工具及衍生工具之自有倉盤。

292




3.3 Market risk (Continued)

The Group applies the “standardized approach” for its market risk in the Capital Rules. The capital charge as at 31 December 2018 is HK$1,578,709,000 (2017: HK$1,592,934,000). The market risk capital requirement as at 31 December 2018 and 2017 are:

市場風險資本性支出Market risk capital charge


風險類型 Risk type HK$’000 HK$’000

利率風險－一般市場風險 Interest rate exposure – general market risk 399,321 317,649外匯風險 Foreign exchange exposures 1,110,541 1,027,466商品風險 Commodity exposures 64,300 6,343認股權風險 Option exposures 4,547 13,998

總計 Total 1,578,709 1,365,456

The following histograms show the frequency distribution of daily revenues related to market risk activities of the Group for years ended 31 December 2017 and 31 December 2018.


收入千港元Revenue HK$’000

日數

Num

ber o

f day

s

0

5

10

15

20

25

30

35

40

(12,

500)

– (1

2,00

0)(1

2,00

0) –

(11,

500)

(11,

500)

– (1

1,00

0)(1

1,00

0) –

(10,

500)

(10,

500)

– (1

0,00

0)(1

0,00

0) –

(9,5

00)

(9,5

00) –

(9,0

00)

(9,0

00) –

(8,5

00)

(8,5

00) –

(8,0

00)

(8,0

00) –

(7,5

00)

(7,5

00) –

(7,0

00)

(7,0

00) –

(6,5

00)

(6,5

00) –

(6,0

00)

(6,0

00) –

(5,5

00)

(5,5

00) –

(5,0

00)

(5,0

00) –

(4,5

00)

(4,5

00) –

(4,0

00)

(4,0

00) –

(3,5

00)

(3,5

00) –

(3,0

00)

(3,0

00) –

(2,5

00)

(2,5

00) –

(2,0

00)

(2,0

00) –

(1,5

00)

(1,5

00) –

(1,0

00)

(1,0

00) –

(500

)(5

00) –

00

– 50

050

0 –

1,00

01,

000

– 1,

500

1,50

0 –

2,00

02,

000

– 2,

500

2,50

0 –

3,00

03,

000

– 3,

500

3,50

0 –

4,00

04,

000

– 4,

500

4,50

0 –

5,00

05,

000

– 5,

500

5,50

0 –

6,00

06,

000

– 6,

500

6,50

0 –

7,00

07,

000

– 7,

500

7,50

0 –

8,00

08,

000

– 8,

500

8,50

0 –

9,00

09,

000

– 9,

500

9,50

0 –

10,0

0010

,000

– 1

0,50

010

,500

– 1

1,00

011

,000

– 1

1,50

011

,500

– 1

2,00

012

,000

– 1

2,50

012

,500

– 1

3,00

013

,000

– 1

3,50

0


3.3 市場風險（續）

本集團於資本規則中為其市場風險採用「標準計算法」。於二零一八年十二月三十一日之資本性支出為1,578,709,000港元（二零一七年：1,592,934,000港元）。於二零一八年及二零一七年十二月三十一日有關市場風險資本規定如下：

以下柱狀圖顯示截至二零一七年十二月三十一日及二零一八年十二月三十一日止年度本集團之市場風險活動有關之每日收入頻率分佈。

293




3.3 Market risk (continued)

The average daily revenue earned from the Group’s market risk related activities during the year ended 31 December 2018 was HK$1,775,000 (2017: HK$1,568,000) and the standard deviation for such daily revenue was HK$2,015,000 (2017: HK$2,366,000). An analysis of the frequency distribution of daily revenue showed that losses were recorded on 34 days out of 246 trading days for the year 2018 (2017: 50 days out of 246 trading days). The maximum daily loss was HK$4,318,000 (2017: HK$5,150,000). The highest daily revenue was HK$10,849,000 (2017: HK$13,014,000). In respect of proprietary trading and customers’ expectation, the Group will gradually expand the scope of treasury products and services to complement its conventional reliance on loan assets for revenue. In the process, the Group will watch out for the resulting market risk, and counterparty credit risk, liquidity and capital implications.

Non-Trading Book:

It consists of structured foreign exchange and interest rate risk positions arising from funding and liquidity management as well as investment and balance sheet activities from non-treasury related business. Debt securities activities undertaken by Global Markets & Trading Department are largely for investment and liquidity management purpose.


3.3 市場風險（續）

截至二零一八年十二月三十一日止年度，本集團源自市場風險相關業務之平均每日收入為1,775,000港元（二零一七年：1,568,000港元），而此每日收入之標準偏差為2,015,000港元（二零一七年：2,366,000港元）。經分析每日收入之頻率分佈情況，在二零一八年之246個交易日中，有34日錄得虧損（二零一七年：246個交易日中的50日），而最高之一日虧損為4,318,000港元（二零一七年：5,150,000港元）。最高之一日收入則為10,849,000港元（二零一七年：13,014,000港元）。就自有買賣及客戶之預期而言，本集團將逐步增加其庫務產品及服務範圍，以輔補一直以來依賴貸款資產帶來之收入。於該過程中，本集團將密切關注就此產生之市場風險、對手方信用風險、流動資金及資本影響。

非交易賬項：

非交易賬項包括因融資、流動資金管理、投資及自非庫務相關業務之資產負債表活動所產生的結構性外匯及利率風險敞口。由金融市場部進行之債券活動大部分作投資及流動資金管理用途。

294



4 ASSET SECURITISATION

During the year , the Group only acted as an investor in related securitisation exposure. Ratings from Moody’s Investors Service, S&P’s and Fitch Ratings are adopted in assessing securitisation exposures. Since the securitisation exposures held by the Group are all rated by recognised ECAIs designated by the Capital Rules, the Group uses the standardized (securitisation) approach to calculate the weighted credit risk for these exposures. The Group closely monitors the risk arising from these exposures.

The following table indicates the securitisation exposures as at 31 December 2018 and 2017:

二零一八年 2018

餘額Outstanding

amounts

風險加權金額Risk-weighted

amounts

資本規定Capital

requirements

核心資本Core

capital

從普通股權一級資本扣減之風險承擔

Exposures deducted from

CET1 Capital千港元千港元千港元千港元千港元

證券化類別風險承擔 Securitisation exposures HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

傳統證券化 Traditional securitisations債券 Debt securities – – – – –

二零一七年 2017

餘額Outstanding

amounts

風險加權金額Risk-weighted

amounts

資本規定Capital

requirements

核心資本Core

capital

從普通股權一級資本扣減之風險承擔

Exposures deducted from

CET1 Capital千港元千港元千港元千港元千港元

證券化類別風險承擔 Securitisation exposures HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

傳統證券化 Traditional securitisations債券 Debt securities – – – – –

Capital requirement of securitisation exposures under the standardized (securitisation) approach at 31 December 2018 was nil (2017: nil). The deductible items from CET1 capital under asset securitisation at 31 December 2018 was nil (2017: nil).

There are no securitisation exposures booked in trading book as at 31 December 2018 (2017: Nil).

4 資產證券化

年內，本集團於有關證券化風險中僅作為投資者。穆迪投資服務、標準普爾及惠譽評級的評級方法獲採納用於評定證券化風險。由於本集團所持證券化風險均由資本規則指定的認可外部信貸評級機構進行評估，本集團採用標準（證券化）計算法計算加權信用風險。本集團密切監控相關風險。

下表列示於二零一八年及二零一七年十二月三十一日之證券化類別風險承擔：

於二零一八年十二月三十一日，根據標準（證券化）計算法計算的證券化風險資本要求為零（二零一七年：零）。於二零一八年十二月三十一日，資產證券化下沒有可從普通股權益一級資本扣減之項目（二零一七年：無）。

於二零一八年十二月三十一日之交易賬項中並無證券化風險入賬（二零一七年：無）。

295



5 COUNTERPARTY CREDIT RISK-RELATED EXPOSURE

The Group has adopted the current exposure method (the “CEM”) to determine the exposure amount for inter bank counterparty credit risk which arises from OTC derivative transactions in banking and trading books. As at 31 December 2018, there are no repo-style transactions nor credit derivative contracts in the Bank (2017: nil). No recognised collateral including recognised credit derivative contracts is held as credit protection for counterparty credit risk-related exposure as at 31 December 2018 (2017: nil).

Under the terms of our current collateral obligations under derivative contracts, we estimate based on the positions as at 31 December 2018 that the Bank would not be required to post additional collateral in the event of one or two notch downgrade in the Bank’s credit ratings (2017: nil).

Wrong-way risk is an aggravated form of concentration risk and arises when there is a strong correlation between the counterparty’s PD and the mark-to-market value of the underlying transaction. The Group uses a range of procedures to monitor and control wrong-way risk, including requiring front offices to obtain prior approval before undertaking wrong way risk transactions outside pre-agreed guidelines.

The following table indicates the information of counterparty credit risk-related exposures under the standardized approach:

總正數公平價值Gross total

Positive Fair value

信貸等值Credit

equivalent

風險加權額Risk weighted

amount千港元千港元千港元

HK$’000 HK$’000 HK$’000

二零一八年 2018交易場外衍生工具交易： OTC derivative transactions:銀行 Bank 3,522,512 9,368,426 2,936,124其他 Others 3,122,688 5,362,967 5,099,580

6,645,200 14,731,393 8,035,704

二零一七年 2017交易場外衍生工具交易： OTC derivative transactions:銀行 Bank 6,226,201 12,288,186 3,228,970其他 Others 7,165,545 9,438,252 9,219,525

13,391,746 21,726,438 12,448,495

There is no effect of bilateral netting agreement on the credit equivalent amounts of the derivative transactions.

5 與對手方信用風險有關之風險承擔

本集團已採納現行風險承擔法（「現行風險承擔法」）釐定銀行及交易簿冊內的場外衍生工具交易產生之銀行同業間對手方信用風險的風險承擔額。於二零一八年十二月三十一日，本銀行概無回購交易或信貸衍生工具合約（二零一七年：無）。於二零一八年十二月三十一日，亦無持有任何包括已確認信貸衍生工具合約的已確認抵押品作為與對手方信用風險有關的風險承擔的信貸保障（二零一七年：無）。

根據我們於衍生工具合約下之現有抵押品責任之條款，吾等基於二零一八年十二月三十一日之持倉估計，如本銀行之信貸評級被降一至兩級，本銀行將毋須提供額外之抵押品（二零一七年：無）。

錯向風險為高於一般之集中度風險，乃於對手方違約機率與相關交易按市價計算之價值之間有著強大相互關係時產生。本集團使用一系列之程序監察和控制錯向風險，包括要求前線部門在預先協定的指引以外進行錯向風險交易前，必須先取得批准。

下表列示按標準計算法計算的與對手方信用風險有關的風險承擔相關資料：

雙邊淨額結算安排對衍生工具交易信貸等值數額並沒有影響。

296



6 CREDIT RISK MITIGATION

6.1 Process of managing and recognising credit risk mitigation

The Group has established policies on managing and recognizing credit risk mitigation, which are approved by the Credit Committee, for all types of credit exposure under the standardized approach including counterparty credit risk-related exposure which arises from OTC derivative transactions. The Group applies prudent assessments of eligibility and quality of collateral. Acceptable credit risk mitigations are as defined by the Credit Committee and/or regulatory authorities. The Group also adheres to safe custodian of collateral, regular revaluation and close monitoring. Marketable securities are marked to market on a daily basis or, i f daily revaluation/marked to market is unavailable, a minimum of once a month, whilst properties are revalued periodically.

For regulatory capital calculation, only recognised collateral and guarantee defined in the Capital Rules are considered as recognised credit risk mitigations. The Bank applies the simple approach criteria as stipulated in the Capital Rules in ascertaining credit risk mitigation.

Recognised collateral includes eligible guarantees, cash deposits, gold, shares , debt securit ies and col lect ive investments in transferable securities, commercial real estate, residential real estate, vehicles and equipment. The exposure amount after mitigation is determined by applying the standard supervisory haircut laid down by the Capital Rules to the current collateral value. Recognised guarantor is any sovereign entity, public sector entity, bank and regulated securities firm with a lower risk weight than the borrower, or company that is internally rated with a rating equivalent to external rating of A- or better.

The main types of guarantors and their external ratings as at 31 December 2018 and 2017 are analysed as follows:

擔保金額Guaranteed amount

2018 2017擔保人類別標準普爾的對等級別千港元千港元Class of guarantors S & P’ s equivalent HK$’000 HK$’000

Bank 銀行 AAA/AA- – –A+/A- 46,576,708 59,595,596

Sovereign 主權機構 AAA/AA- 370,841 443,335PSE 公營機構 A+ 1,509,967 –Corporate 企業 A+/A- – 312,606

48,457,516 60,351,537

There are limited credit and market risk concentrations within the credit risk mitigants (recognised collateral and guarantees) used by the Group, except for real estate which is extensively relied on for risk mitigation in lending to non-bank corporate and non-corporate customers.

6 減低信用風險

6.1 管理及確認減低信用風險之程序

本集團已就按標準計算法計算的所有類別信用風險承擔（包括交易場外衍生工具交易產生的與對手方信用風險的承擔）制定經信貸委員會批准之管理及確認減低信用風險的政策。本集團審慎評估抵押品是否符合資格及其質素。可接納的減低信用風險方法由信貸委員會及╱或監管機構所界定。本集團亦就抵押品指定穩健的託管人，並定期重新評估及密切監控。有價證券每日按市價調整，如未能進行每日重新評估╱按市價調整，最少每月一次進行重估，而物業亦定期作出重估。

就監管資本的計算而言，只有資本規則界定的獲確認抵押品及擔保方可視為獲確認信用風險減低措施。本銀行於確定信用風險減低時應用資本規則規定的簡單標準。

獲認可抵押品包括合資格擔保、現金存款、黃金、股份、債券及可轉讓證券的彙集投資，商業不動產、住宅不動產、汽車及設備。減低後的風險承擔額以抵押品採用資本規則規定的標準監督扣減率的現值釐定。獲認可擔保人為風險權重低於借方的任何主權機構、公營機構、銀行及受規管證券公司或其內部評定級別等同於外部評級A－或以上的公司。

於二零一八年及二零一七年十二月三十一日，擔保人主要類型及其外部評級分析如下：

本集團使用的信用風險減低措施（獲確認抵押品及擔保）有限地應用於信用及市場風險集中，惟房產除外，其風險減低措施廣泛依賴借款予非銀行企業及非企業客戶。

297



6 CREDIT RISK MITIGATION (continued)

6.2 Credit risk exposures

S&P’s Ratings Services, Moody’s Investors Service and Fitch Ratings are the ECAIs that the Group uses in relation to each and all classes of exposures below. The process it used to map ECAI issuer ratings to exposures booked in its banking book is a process as prescribed in Part 4 of the Capital Rules.

二零一八年 2018

經獲確認信用風險減低措施調整後的風險承擔

Exposures after recognised credit risk mitigation

風險加權額Risk-weighted amounts

風險承擔總額*

Totalexposures*

已評級#

Rated#

未評級@

Unrated@

已評級#

Rated#

未評級@

Unrated@

風險加權總額

Total risk–weighted

amounts

抵押品可涵蓋的風險承擔Exposure

covered by collateral

擔保可涵蓋的風險承擔Exposure

covered by guarantees風險承擔類別 Class of exposures


主權 Sovereign 54,254,049 54,254,049 361,988 187,600 – 187,600 – –公營機構 Public sector entity 4,344,682 4,344,682 1,509,966 638,062 301,993 940,055 – –多邊發展銀行 Multilateral development bank 3,941,251 3,747,518 193,733 – – – – –銀行 Bank 292,874,600 57,441,644 281,898,077 20,437,810 87,464,664 107,902,474 – 1,332證券公司 Securities firm 425,826 – 425,826 – 212,913 212,913 – –企業 Corporate 442,614,339 63,186,313 320,100,655 43,315,800 320,100,655 363,416,455 12,541,207 46,786,164組合投資計劃 Collective investment scheme 4,301,967 – 4,301,967 – 4,301,967 4,301,967 – –現金項目 Cash items 544,252 111,968 13,242,970 – 1,385,866 1,385,866 – –受規管零售業務 Regulatory retail 18,725,563 – 18,535,903 – 13,901,927 13,901,927 141,871 47,789住宅按揭貸款 Residential mortgage loans 45,834,018 – 44,324,083 – 20,675,061 20,675,061 6,812 1,503,124其他並非逾期的風險承擔

Other exposures which are not past due exposures 13,813,199 – 13,692,404 – 14,136,970 14,136,970 120,796 –

逾期風險承擔 Past due exposures 1,836,427 – 1,836,427 – 2,065,031 2,065,031 1,334,215 28,935

資產負債表外項目 Off-balance Sheet

除場外衍生工具交易或信貸衍生工具合約以外的資產負債表外風險承擔

Off-balance sheet exposures other than OTC derivative transactions or credit derivative contracts

37,446,574 3,313,045 34,133,529 2,592,656 29,351,184 31,943,840 4,873,830 111,072場外衍生工具交易 OTC derivative transactions 40,957,274 25,890,436 15,066,838 1,734,492 7,776,431 9,510,923 20,901,334 –信貸衍生工具合約 Credit derivative contracts – – – – – – – –本報告其他部分未予列出的其他資產負債表外風險承擔

Other off-balance sheet exposures not elsewhere specified

– – – – – – – –

自資本基礎扣除的風險承擔

Exposures deducted from capital base –

6 減低信用風險（續）

6.2 信用風險承擔

標準普爾評級服務、穆迪投資者服務及惠譽評級為本集團就以下各類及所有類別風險承擔使用的外部信貸評級機構。其用以配對外部信貸評級機構發行人評級與其銀行簿冊內所載風險承擔的程序為資本規則第4部分所規定的程序。

298



6 CREDIT RISK MITIGATION (continued)

6.2 Credit risk exposures (continued)

二零一七年 2017

經獲確認信用風險減低措施調整後的風險承擔

Exposures after recognised credit risk mitigation

風險加權額Risk-weighted amounts

風險承擔類別 Class of exposures

風險承擔總額*

Totalexposures*

已評級#

Rated#

未評級@

Unrated@

已評級#

Rated#

未評級@

Unrated@

風險加權總額

Total risk–weighted

amounts

抵押品可涵蓋的風險承擔Exposure

covered by collateral

擔保可涵蓋的風險承擔Exposure

covered by guarantees


主權 Sovereign 70,967,737 70,967,737 401,966 – – – – –公營機構 Public sector entity 1,959,323 1,959,323 – 391,864 – 391,864 – –多邊發展銀行 Multilateral development bank 3,405,271 3,405,271 – – – – – –銀行 Bank 279,925,813 72,410,957 267,018,879 27,739,336 87,173,595 114,912,931 – 1,014證券公司 Securities firm 205,234 – 205,234 – 102,617 102,617 – –企業 Corporate 450,726,614 65,659,009 315,087,282 44,670,233 314,651,308 359,321,541 10,126,950 60,165,979組合投資計劃 Collective investment scheme 352,566 – 352,566 – 352,566 352,566 – –現金項目 Cash items 557,216 436,118 10,448,524 42,855 1,320,266 1,363,121 – –受規管零售業務 Regulatory retail 20,390,890 – 20,216,820 – 15,162,615 15,162,615 121,454 52,616住宅按揭貸款 Residential mortgage loans 33,524,187 – 33,520,824 – 14,251,738 14,251,738 3,363 –其他並非逾期的風險承擔

Other exposures which are not past due exposures 11,343,005 – 11,267,346 – 11,711,207 11,711,207 75,659 –

逾期風險承擔 Past due exposures 1,401,084 – 1,401,084 – 1,908,543 1,908,543 281,178 34,996

資產負債表外項目 Off-balance Sheet

除場外衍生工具交易或信貸衍生工具合約以外的資產負債表外風險承擔

Off-balance sheet exposures other than OTC derivative transactions or credit derivative contracts

39,223,377 4,723,129 34,500,248 2,274,790 25,086,096 27,360,886 8,894,129 96,932場外衍生工具交易 OTC derivative transactions 44,187,604 19,476,383 24,711,221 1,275,969 12,890,653 14,166,622 15,800,332 –信貸衍生工具合約 Credit derivative contracts – – – – – – – –本報告其他部分未予列出的其他資產負債表外風險承擔

Other off-balance sheet exposures not elsewhere specified

– – – – – – – –

自資本基礎扣除的風險承擔

Exposures deducted from capital base –

* Representing principal amount or credit equivalent amount, as applicable, net of individual impairments

# including exposures with ECAI issue specific rating and exposures which have an inferred rating (i.e. exposures which do not have an issue-specific rating but whose risk-weights are determined under the Capital Rules by reference to an ECAI issuer rating assigned to the obligor of the exposure or to an ECAI issue rating of any other exposures of the obligor)

@ Representing exposures which do not have the ECAI issue specific rating nor inferred rating

6 減低信用風險（續）

6.2 信用風險承擔（續）

* 代表扣除個別減值後的本金額或信貸等值數額（如適用）

# 包括具有外部信貸評級機構發行特定評級的風險承擔及具有推定評級的風險承擔（即並無發行特定評級，但其風險加權值已根據資本規則釐定的風險承擔，參考外部信貸評級機構就風險承擔給予債務人的發行人評級或外部信貸評級機構就債務人的任何其他風險承擔作出的發行評級）

@ 代表既無外部信貸評級機構發行特定評級亦無推定評級的風險承擔

299



7 SEGMENTAL INFORMATION

7.1 Loans and advances to customers

(i) Advances to customers – by geographical areasThe Group’s gross advances to customers by country or geographical area after taking into account any risk transfers are as follows:

客戶貸款總額Gross advances to

customers

逾期三個月以上貸款

Overdue advances

for over three months

減值貸款及其他賬項

Impaired loans and advances

信貸不良的合約期內之預期信用損失

Lifetime ECL credit-

impaired

非信貸不良預期信用損失

Non-credit impaired ECL

千港元千港元千港元千港元千港元二零一八年十二月三十一日 31 December 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

香港 Hong Kong 252,074,237 1,822,609 2,068,694 469,774 1,423,929內地 Mainland China 177,867,503 1,640,071 1,827,135 1,659,525 1,348,097澳門 Macau 2,998,144 – – – –亞太區（不包括香港、內地及澳門）

Asia Pacific Region (excluding Hong Kong, Mainland China and Macau) 10,008,905 – – – 97,686

其他 Others 10,803,796 – – – 76,917

總額 Total 453,752,585 3,462,680 3,895,829 2,129,299 2,946,629

客戶貸款總額Gross advances

to customers

逾期三個月以上貸款

Overdue advances

for over three months

減值貸款及其他賬項

Impaired loans and advances

個別減值撥備Individual

impairment allowances

組合減值撥備Collective

impairment allowances

千港元千港元千港元千港元千港元二零一七年十二月三十一日 31 December 2017 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

香港 Hong Kong 235,017,701 582,164 921,205 544,134 950,196內地 Mainland China 198,495,738 2,142,603 2,142,602 1,563,757 1,247,058澳門 Macau 3,746,589 – – – 12,952亞太區（不包括香港、內地及澳門）

Asia Pacific Region (excluding Hong Kong, Mainland China and Macau) 6,361,297 – – – 22,555

其他 Others 7,120,982 – – – 56,708

總額 Total 450,742,307 2,724,767 3,063,807 2,107,891 2,289,469

Risk transfers are only made if the claims are guaranteed by a party in a country which is different from that of the counterparty or if the claims are on an overseas branch of a bank whose head office is located in another country.

7 分部資料

7.1 客戶貸款及其他賬項

(i) 客戶之貸款－按地域劃分本集團經計及任何風險轉移因素後按國家或地區劃分的客戶貸款總額如下：

僅於申索獲其所在國家不同於對手方的人士擔保，或申索乃向其總部位於另一國家的銀行的海外分行作出的情況下，方會轉移風險。

300



7 SEGMENTAL INFORMATION (continued)

7.1 Loans and advances to customers (continued)

(ii) Gross loans and advances to customers – by industry sectors





31 Dec 2018 31 Dec 2018 31 Dec 2017 31 Dec 2017

貸款總額Gross

advances

有抵押貸款百分比

% of secured advances

貸款及其他賬項總額

Gross loans and advances

有抵押貸款百分比

% of secured advances


在香港使用之貸款 Loans for use in Hong Kong

工商及金融 Industrial, commercial and financial－物業發展 – Property development 37,218,684 32.63% 30,298,217 35.43%－物業投資 – Property investment 28,778,438 58.69% 28,907,829 61.91%－金融企業 – Financial concerns 42,185,479 0.03% 37,560,084 0.03%－證券經紀商 – Stockbrokers 4,036,352 1.24% 3,739,229 0.37%－批發及零售業 – Wholesale and retail trade 13,777,536 50.97% 16,603,636 44.22%－土木工程 – Civil engineering works 2,000,929 20.07% 1,129,729 39.83%－製造業 – Manufacturing 8,062,904 18.03% 8,735,533 16.76%－運輸及運輸設備 – Transport and transport equipment 25,811,920 48.40% 25,105,832 48.46%－電力及燃氣 – Electricity and gas 687,512 0.00% 3,513,313 –－資訊科技 – Information technology 4,204,464 2.78% 4,752,439 2.42%－酒店、公寓及飲食 – Hotels, boarding houses and catering 1,705,762 53.23% 1,345,980 60.48%－康樂活動 – Recreational activities 59,157 98.14% 44,629 97.60%－其他 – Others 32,968,958 28.06% 32,851,066 23.00%

個別人士 Individuals－購買「居者有其屋」、「私人參

建居屋計劃」及「租者置其屋」單位之貸款

– Loans for the purchase of flats in Home Ownership Scheme, Private Sector Participation Scheme and Tenants Purchase Scheme 353,557 97.56% 365,815 97.75%

－購買其他住宅物業之貸款 – Loans for the purchase of other residential properties 40,016,667 98.56% 32,683,582 98.54%－信用卡貸款 – Credit card advances 446,718 0.00% 405,927 –－其他 – Others 13,517,549 87.43% 9,211,738 87.62%

貿易融資 Trade finance 14,393,505 23.46% 14,117,654 20.22%在香港境外使用之貸款 Loans for use outside Hong Kong 183,526,494 34.62% 199,370,075 31.21%

453,752,585 39.52% 450,742,307 36.45%

7 分部資料（續）

7.1 客戶貸款及其他賬項（續）

(ii) 客戶之貸款及其他賬項總額－按業務範圍

301




7.1 Loans and advances to customers (continued)

(ii) Gross loans and advances to customers – by industry sectors (continued)Individually impaired loans, overdue loans and advances over three months, impairment allowances and impaired loans and advances written off in respect of industry sectors that constitute 10% or more of the total advances to customers are as follows:


HK$’000 HK$’000

(a) 在香港以外使用之貸款 (a) Loans for use outside Hong Kong個別減值貸款 Individually impaired loans 2,060,024 2,690,653三個月以上之逾期貸款及其他賬項 Overdue loans and advances over three months 1,640,059 2,386,148信貸不良的合約期內之預期信用損失

Lifetime ECL credit-impaired509,932 –

非信貸不良的合約期內之預期信用損失

Lifetime ECL not credit-impaired43,951 –

12個月以內預期信用損失 12-month ECL 1,023,162 –個別減值撥備 Individual impairment allowance – 1,928,445組合減值撥備 Collective impairment allowance – 1,276,506於收益表支銷之新減值撥備 New impairment allowance charged to income statement 101,730 755,085年內撇銷減值貸款及其他賬項 Impaired loans and advances written off during the year – –

7.2 International claims

The information on international claims discloses exposures to foreign counterparties on which the ultimate risk lies, and is derived according to the location of the counterparties after taking into account any recognised risk transfer. In general, such transfer of risk takes place if the claims are guaranteed by a party in a country which is different from that of the counterparty or if the claims are on an oversea branch of a bank whose head office is located in another country. Only regions constituting 10% or more of the aggregate international claims after taking into account any recognised risk transfer are disclosed.


7.1 客戶貸款及其他賬項（續）

(ii) 客戶之貸款及其他賬項總額－按業務範圍（續）佔客戶之貸款總額10%或以上的業務範圍的個別減值貸款、三個月以上之逾期貸款及其他賬項、減值撥備及撇銷減值貸款及其他賬項如下：

7.2 國際申索

國際申索資料披露對海外交易對手風險額最終風險的所在地，按交易對手所在地得出，並已顧及任何認可風險轉移因素。一般而言，有關風險轉移發生的前提是該等申索獲得並非交易對手所在地的國家的一方擔保，或該等申索的履行對象是某銀行的海外分行，而該銀行的總部設於另一個國家。經考慮任何認可風險轉移後，風險額佔該等國際申索總額的10%或以上的地區方予以披露。

302




7.2 International claims (continued)

Analysis of the Bank’s international claims by location and by type of counterparty is as follows:

非銀行私營機構Non-bank private sector

同業Banks

官方機構Official

sector

非銀行金融機構Non-bank

financial institutions

非金融私營機構Non-financial private sector

總計Total

百萬港元百萬港元百萬港元百萬港元百萬港元HK$ million HK$ million HK$ million HK$ million HK$ million

二零一八年十二月三十一日 31 December 2018發達國家 Developed countries 54,209 17,348 3,879 12,237 87,673離岸中心 Offshore centres 12,201 15,908 7,699 295,772 331,580發展中的歐洲國家 Developing Europe 29 – – – 29發展中的拉丁美洲和加勒比海國家

Developing Latin America and Caribbean14 – – 12 26

發展中的非洲和中東國家 Developing Africa and Middle East 317 – – – 317發展中的亞太區國家，其中 Developing Asia-Pacific, of which 194,885 22,813 44,949 170,173 432,820－中國 – China 194,469 22,813 44,949 165,596 427,827－其他 – Others 416 – – 4,577 4,993

國際機構 International organisations – 3,941 – – 3,941

261,655 60,010 56,527 478,194 856,386

非銀行私營機構Non-bank private sector

同業Banks

官方機構Official

sector

非銀行金融機構Non-bank

financial institutions

非金融私營機構Non-financial private sector

總計Total

百萬港元百萬港元百萬港元百萬港元百萬港元HK$ million HK$ million HK$ million HK$ million HK$ million

二零一七年十二月三十一日 31 December 2017發達國家 Developed countries 41,724 17,348 4,994 5,280 69,346離岸中心 Offshore centres 24,279 29,328 11,880 266,003 331,490發展中的歐洲國家 Developing Europe 1 – – – 1發展中的拉丁美洲和加勒比海國家

Developing Latin America and Caribbean1 – – 31 32

發展中的非洲和中東國家 Developing Africa and Middle East 909 2 – 1 912發展中的亞太區國家，其中 Developing Asia-Pacific, of which 198,734 24,845 63,720 172,986 460,285－中國 – China 197,448 24,845 63,719 169,748 455,760－其他 – Others 1,286 – 1 3,238 4,525

國際機構 International organisations – 3,405 – – 3,405

265,648 74,928 80,594 444,301 865,471


7.2 國際申索（續）

本銀行之國際申索按地點及對手方類別分析如下：

303




7.3 Mainland activities

The analysis of non-bank Mainland China exposures is based on the categories of non-bank counterparties and the types of direct exposures defined by the HKMA under the Banking (Disclosure) Rules with reference to Part 3 of the “Return of Mainland China exposures - MA(BS) 20”, which includes the Mainland China exposures extended by the Bank and its overseas subsidiary and branch.

資產負債表風險承擔

On-balance sheet

exposure

或然負債Contingent

Liabilities

外匯及衍生工具合約

FX and derivatives

contract

風險承擔總額

Total exposures

千港元千港元千港元千港元二零一八年十二月三十一日 31 December 2018 HK$’000 HK$’000 HK$’000 HK$’000

對手方類別 Type of counterparties(a) 中央政府、中央政府擁有的實

體，以及他們的附屬公司及合營公司

(a) Central government central government owned entities and their subsidiaries and JVs

107,092,534 1,555,824 49,640 108,697,998(b) 地方政府、地方政府擁有的實


(b) Local government, local government owned entities and their subsidiaries and JVs

26,214,213 4,071,354 18,424 30,303,991(c) 於中國內地居住的中國國民或

於中國內地註冊成立的其他實體，以及他們的附屬公司及合營公司

(c) PRC nationals residing in Mainland China or other entities incorporated in Mainland China and their subsidiaries and JVs

116,235,038 10,191,914 43,482 126,470,434(c)(i) 其中，於中國內地居住的中國

國民或由中國內地的權益實益擁有的實體

(c) (i) Of which, PRC nationals residing in Mainland China or entities beneficially owned by Mainland interest 83,884,664 5,294,514 1,853 89,181,031

(d) 並未於上文(a)項內報告的中央政府的其他實體

(d) Other entities of central government not reported in item (a) above 13,733,369 1,502 – 13,734,871

(e) 並未於上文(b)項內報告的地方政府的其他實體

(e) Other entities of local government not reported in item (b) above 3,100,389 392,950 496 3,493,835

(f) 於中國內地以外居住的中國國民或在中國內地以外註冊成立的實體，信貸是供於中國內地使用而授出

(f) PRC nationals residing outside Mainland China or entities incorporated outside Mainland China where the credit is granted for use in Mainland China 19,937,356 602,835 10,240 20,550,431

(g) 報告機構認為屬非中國內地銀行風險的其他交易對手

(g) Other counterparties where the exposures are considered by the reporting institution to be non-bank Mainland China exposures 28,452,577 1,563,499 24,044 30,040,120

314,765,476 18,379,878 146,326 333,291,680


7.3 內地活動

中國內地非銀行風險承擔，乃按非銀行對手方類別及依據香港金融管理局銀行業（披露）規則內界定的直接風險承擔類別，經參考「中國內地風險報表－MA(BS) 20」第三部分進行分析，包括本銀行及其海外附屬公司及分行填報的中國內地風險承擔。

304




7.3 Mainland activities (continued)

資產負債表風險承擔

On-balance sheet

exposure

或然負債Contingent

Liabilities

外匯及衍生工具合約

FX and derivatives

contract

風險承擔總額

Total exposures

千港元千港元千港元千港元二零一七年十二月三十一日 31 December 2017 HK$’000 HK$’000 HK$’000 HK$’000

對手方類別 Type of counterparties(a) 中央政府、中央政府擁有的實


(a) Central government central government owned entities and their subsidiaries and JVs

111,667,918 1,497,674 155,048 113,320,640(b) 地方政府、地方政府擁有的實


(b) Local government, local government owned entities and their subsidiaries and JVs

28,484,889 3,967,118 11,152 32,463,159(c) 於中國內地居住的中國國民或

於中國內地註冊成立的其他實體，以及他們的附屬公司及合營公司

(c) PRC nationals residing in Mainland China or other entities incorporated in Mainland China and their subsidiaries and JVs

126,611,245 15,258,900 426,845 142,296,990(c)(i) 其中，於中國內地居住的中國

國民或由中國內地的權益實益擁有的實體

(c) (i) Of which, PRC nationals residing in Mainland China or entities beneficially owned by Mainland interest 96,619,006 9,329,924 1,078 105,950,008

(d) 並未於上文(a)項內報告的中央政府的其他實體

(d) Other entities of central government not reported in item (a) above 9,356,172 – – 9,356,172

(e) 並未於上文(b)項內報告的地方政府的其他實體

(e) Other entities of local government not reported in item (b) above 2,867,786 521,512 25,564 3,414,862

(f) 於中國內地以外居住的中國國民或在中國內地以外註冊成立的實體，信貸是供於中國內地使用而授出

(f) PRC nationals residing outside Mainland China or entities incorporated outside Mainland China where the credit is granted for use in Mainland China 30,727,784 185,937 87,994 31,001,715

(g) 報告機構認為屬非中國內地銀行風險的其他交易對手

(g) Other counterparties where the exposures are considered by the reporting institution to be non-bank Mainland China exposures 24,140,650 2,336,751 41,155 26,518,556

333,856,444 23,767,892 747,758 358,372,094


7.3 內地活動（續）

305



8 CURRENCY CONCENTRATIONS

Currency concentrations – the table below summarises the net foreign currency positions of the Group. The net positions in foreign currency is disclosed when the currency constitutes 10% or more of the total net position of all foreign currencies. A sensitivity analysis calculates the effect of a reasonably possible movement in a currency rate against the Hong Kong dollar, with all other variables in the income statement and equity held constant.

美元US$

人民幣RMB

其他外幣Other foreign

currencies總計


二零一八年 2018 HK$’000 HK$’000 HK$’000 HK$’000

非結構倉盤 Non-structural position現貨資產 Spot assets 357,846,235 187,367,371 46,548,962 591,762,568現貨負債 Spot liabilities (354,743,734) (170,001,278) (27,814,538) (552,559,550)遠期買入 Forward purchases 234,399,727 112,525,197 37,734,250 384,659,174遠期賣出 Forward sales (266,760,554) (126,243,308) (55,673,937) (448,677,799)期權盤淨額 Net option position (301,036) (1,167,090) (474,739) (1,942,865)

長盤╱（短盤）淨額 Net long/(short) position (29,559,362) 2,480,892 319,998 (26,758,472)

結構性持盤淨額 Net structural position 214,878 10,762,811 – 10,977,689

美元US$

人民幣RMB

其他外幣Other foreign

currencies總計Total

千港元千港元千港元千港元二零一七年 2017 HK$’000 HK$’000 HK$’000 HK$’000

非結構倉盤 Non-structural position現貨資產 Spot assets 392,203,040 189,091,340 37,589,083 618,883,463現貨負債 Spot liabilities (358,925,107) (182,331,514) (45,075,800) (586,332,421)遠期買入 Forward purchases 175,885,921 91,750,561 60,046,251 327,682,733遠期賣出 Forward sales (200,604,875) (95,114,200) (52,709,883) (348,428,958)期權盤淨額 Net option position (371,214) (1,083,456) 256,616 (1,198,054)

長盤╱（短盤）淨額 Net long/(short) position 8,187,765 2,312,731 106,267 10,606,763

結構性持盤淨額 Net structural position 214,396 9,914,580 – 10,128,976

Foreign currency exposures include those arising from trading position. The net option position is calculated on the basis of the delta-weighted position of option contracts. The net structural position of the Group is the structural positions of the Bank’s capital investment in overseas subsidiary Chinese Mercantile Bank.

8 外幣持盤量

外幣持盤量－下表概述本集團之外幣倉盤淨額。外幣倉盤淨額乃當該貨幣構成所有外幣倉盤淨額總額之10%或以上時予以披露。敏感度分析在所有其他變數於收益表及權益維持不變下，計算貨幣匯率對港元之合理可能變動之影響。

外幣風險包括因交易倉盤產生之風險。期權盤淨額乃根據期權合約之得爾塔加權持倉基礎計算。本集團之結構性持盤淨額為本銀行在海外附屬公司華商銀行的資本投資的結構倉盤。

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9 LEVERAGE RATIO

The leverage ratio as at 31 December 2018 was compiled in accordance with the Leverage Ratio Framework issued by the HKMA.



31 Dec 2018 31 Dec 2017

槓桿比率 Leverage ratio 11.68% 8.45%

Leverage ratio disclosures as required by section 16FH of the Banking (Disclosure) Rule are available in the section of Regulatory Disclosures Rules of our website www.icbcasia.com.

10 COUNTERCYCLICAL CAPITAL BUFFER RATIO



31 Dec 2018 31 Dec 2017

逆周期緩衝資本比率 Countercyclical Capital Buffer Ratio 1.11% 0.75%

The relevant disclosures pursuant to section 16FG of the Banking (Disclosure) Rules are available in the section of Regulatory Disclosures of our website www.icbcasia.com.

11 NET STABLE FUNDING RATIO



31 Dec 2018 31 Dec 2017

淨穩定資金比率 Net Stable Funding Ratio 118.56% –

The relevant disclosures pursuant to section 16FL of the Banking (Disclosure) Rules are available in the section of Regulatory Disclosures of our website.

9 槓桿比率

於二零一八年十二月三十一日的槓桿比率按香港金融管理局發出的槓桿比率框架編製。

銀行業（披露）規則第16FH條規定的槓桿比率披露要求可瀏覽本銀行網站www.icbcasia.com「監管披露」一節。

10 逆周期緩衝資本比率

銀行業（披露）規則第16FG條規定的有關披露要求可瀏覽本銀行網站www.icbcasia.com「監管披露」一節。

11 淨穩定資金比率

銀行業（披露）規則第16FL條規定的有關披露要求可瀏覽本銀行網站「監管披露」一節。

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分行、附屬及聯營公司Branches, Subsidiaries and Associates

HEADQUARTER

33/F., ICBC Tower,3 Garden Road,Central, Hong KongTelephone: (852) 3510 8888Facsimile: (852) 2805 1166Post Box: GPO Box 872 Hong KongSWIFT: UBHKHKHHWebsite: http://www.icbcasia.com

BRANCHES – HONG KONG ISLAND

West Point Branch242-244 Queen’s Road West,Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2559 8442

West Point Personal Banking Centre (No-teller service)Shop 2, G/F, 345-345A Des Voeux Road West,Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2547 9728

Sheung Wan BranchShop F, G/F, Kai Tak Commercial Building,317-319 Des Voeux Road Central, Sheung Wan,Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2545 7458

Queen’s Road Central BranchBasement, Ground Floor and First Floor of 122 QRC,Nos. 122-126 Queen’s Road Central, Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2805 1187

Central Branch1/F, 9 Queen’s Road Central, Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2525 3848

Admiralty BranchShop 1013-1014, 1/F, United Centre,95 Queensway, Admiralty, Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2529 0669

Admiralty Personal Banking Centre (No teller service)Shop 1019-1020, 1/F, United Centre,95 Queensway, Admiralty, Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2324 6400

Caine Road BranchG/F, Caine Building, 22 Caine Road,Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2526 8478

Wanchai Branch117-123 Hennessy Road, Wanchai,Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2865 0251

總辦事處

香港中環花園道3號中國工商銀行大廈33樓電話：(852) 3510 8888圖文傳真：(852) 2805 1166郵箱：香港郵政總局信箱872號環球銀行金融電信：UBHKHKHH網址：http://www.icbcasia.com

分行 — 香港島區

西環分行香港皇后大道西242-244號電話：(852) 2189 5588圖文傳真： (852) 2559 8442

西環個人理財中心（不設櫃檯服務）香港德輔道西345-345A地下2號舖電話：(852) 2189 5588圖文傳真：(852) 2547 9728

上環分行香港上環德輔道中317-319號啓德商業大廈地下F舖電話：(852) 2189 5588圖文傳真：(852) 2545 7458

皇后大道中分行香港中環皇后大道中122-126號地庫至一樓電話：(852) 2189 5588圖文傳真：(852) 2805 1187

中環分行香港皇后大道中9號1字樓電話：(852) 2189 5588圖文傳真：(852) 2525 3848

金鐘分行香港金鐘道95號統一中心1樓1013-1014號舖電話：(852) 2189 5588圖文傳真：(852) 2529 0669

金鐘個人理財中心（不設櫃檯服務）香港金鐘道95號統一中心1樓1019-1020號舖電話：(852) 2189 5588圖文傳真：(852) 2324 6400

堅道分行香港堅道22號廣堅大廈地下電話：(852) 2189 5588圖文傳真：(852) 2526 8478

灣仔分行香港灣仔軒尼詩道117-123號電話：(852) 2189 5588圖文傳真：(852) 2865 0251

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灣仔道分行香港灣仔道133號卓淩中心地下電話：(852) 2189 5588圖文傳真：(852) 2838 1817

灣仔個人理財中心（不設櫃檯服務）香港灣仔港灣道26號華潤大廈1樓101號舖電話：(852) 2189 5588圖文傳真：(852) 2455 3612

銅鑼灣分行香港銅鑼灣軒尼詩道488-490號軒尼詩大廈地下A舖至1樓電話：(852) 2189 5588圖文傳真：(852) 2808 1331

跑馬地分行香港跑馬地景光街23號電話：(852) 2189 5588圖文傳真：(852) 2834 3075

香港仔分行香港香港仔中心第一期地下7A舖電話：(852) 2189 5588圖文傳真：(852) 2518 7007

電氣道分行香港電氣道113-115號電話：(852) 2189 5588圖文傳真：(852) 2807 1697

炮台山分行香港英皇道272-276號光超台地下A-C號舖電話：(852) 2189 5588圖文傳真：(852) 2887 7094

城市花園個人理財中心（不設櫃檯服務）香港北角電氣道233號城市中心商埸23號舖電話：(852) 2189 5588圖文傳真：(852) 2570 7366

北角分行香港北角英皇道436-438號地下電話：(852) 2189 5588圖文傳真：(852) 2510 9902

鰂魚涌分行香港鰂魚涌華蘭路2-12號惠安苑地下低層SLG1號舖電話：(852) 2189 5588圖文傳真：(852) 2565 5541

Wanchai Road BranchG/F, Times Media Centre, No.133 Wan Chai Road,Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2838 1817

Wanchai Personal Banking (No teller service)Shop 101, 1/F, China Resources Building,26 Harbour Road, Wanchai, Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2455 3612

Causeway Bay BranchShop A on G/F, 1/F, Hennessy Apartments,488 & 490 Hennessy Road,Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2808 1331

Happy Valley Branch23 King Kwong Street, Happy Valley,Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2834 3075

Aberdeen BranchShop 7A, G/F, Site 1, Aberdeen Centre,Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2518 7007

Electric Road Branch113-115 Electric Road, Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2807 1697

Fortress Hill BranchShop A-C, G/F, Kwong Chiu Terrace,272-276 King’s Road, Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2887 7094

City Garden Personal Banking Centre (No teller service)Shop Unit 23, G/F, Maximall, City Garden,233 Electric Road, North Point,Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2570 7366

North Point BranchG/F, 436-438 King’s Road, North Point,Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2510 9902

Quarry Bay BranchShop SLG1, Sub-Lower Ground Floor,Westlands Gardens, Nos. 2-12, Westlands Road,Quarry Bay, Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2565 5541

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西灣河分行香港筲箕灣道57-87號太安樓G10號舖電話：(852) 2189 5588圖文傳真：(852) 2569 6142

小西灣分行香港小西灣道9號富欣花園地下17-19號舖電話：(852) 2189 5588圖文傳真：(852) 2898 3077

分行 — 九龍區

西九龍站個人理財中心（不設櫃檯服務）九龍尖沙咀柯士甸道西3號香港西九龍站L1-1號舖電話：(852) 2189 5588圖文傳真：(852) 2880 0290

尖沙咀東分行九龍尖沙咀漆咸道南39號鐵路大廈地下B舖電話：(852) 2189 5588圖文傳真：(852) 2311 2810

尖沙咀分行九龍尖沙咀漢口道35-37號地下1-2號舖電話：(852) 2189 5588圖文傳真：(852) 2724 4846

佐敦分行九龍佐敦彌敦道233號佐敦薈1字樓電話：(852) 2189 5588圖文傳真：(852) 2375 6935

油麻地分行九龍油麻地彌敦道542號電話：(852) 2189 5588圖文傳真：(852) 2770 9837

旺角分行九龍旺角彌敦道721-725號華比銀行大廈地下電話：(852) 2189 5588圖文傳真：(852) 2390 9073

太子分行九龍旺角彌敦道777號電話：(852) 2189 5588圖文傳真：(852) 2380 3887

深水埗分行九龍深水埗荔枝角道290號地下電話：(852) 2189 5588圖文傳真：(852) 2387 5533

Sai Wan Ho BranchShop G10, G/F, Tai On Building,57-87 Shau Kei Wan Road, Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2569 6142

Siu Sai Wan BranchShop Nos 17-19, Ground Floor, Harmony Garden,No.9 Siu Sai Wan Road, Hong KongTelephone: (852) 2189 5588Facsimile: (852) 2898 3077

BRANCHES – KOWLOON

West Kowloon Station Personal Banking Centre (No teller service)Shop No. L1-1, Hong Kong West Kowloon Station,3 Austin Road West, Tsim Sha Tsui, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2880 0290

Tsimshatsui East BranchShop B, G/F, Railway Plaza, 39 Chatham Road South,Tsimshatsui, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2311 2810

Tsim Sha Tsui BranchShop 1-2, G/F, 35-37 Hankow Road,Tsimshatsui, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2724 4846

Jordan Branch1/F, JD Mall, No. 233 Nathan Road,Jordan, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2375 6935

Yaumatei Branch542 Nathan Road, Yaumatei, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2770 9837

Mongkok BranchG/F, Belgian Bank Building,721-725 Nathan Road, Mongkok, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2390 9073

Prince Edward Branch777 Nathan Road, Mongkok, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2380 3887

Shamshuipo BranchG/F, 290 Lai Chi Kok Road, Shamshuipo, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2387 5533

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荔枝角分行九龍荔枝角長沙灣道833號長沙灣廣場地下G06號舖電話：(852) 2189 5588圖文傳真：(852) 2785 5566

美孚分行九龍美孚新村萬事達廣場一樓N95A舖電話：(852) 2189 5588圖文傳真：(852) 2307 1811

何文田分行九龍何文田窩打老道70號曾榕大廈地下電話：(852) 2189 5588圖文傳真：(852) 2769 7083

愛民分行九龍何文田愛民廣場F18-F19號舖電話：(852) 2189 5588圖文傳真：(852) 2760 4309

紅磡分行九龍紅磡德民街2-34E號紅磡商場地下2A舖電話：(852) 2189 5588圖文傳真：(852) 2365 2182

木廠街分行九龍土瓜灣木廠街12-14號電話：(852) 2189 5588圖文傳真：(852) 2761 0935

黃大仙分行九龍黃大仙正德街103號黃大仙中心一樓128號舖電話：(852) 2189 5588圖文傳真：(852) 2267 7782

德福分行九龍九龍灣德福廣場P19-P20號舖電話：(852) 2189 5588圖文傳真：(852) 2797 8984

觀塘分行九龍觀塘開源道79號鱷魚恤中心一樓5號和6號舖電話：(852) 2189 5588圖文傳真：(852) 2357 5825

分行 — 新界區

將軍澳分行新界將軍澳欣景路8號新都城中心2期商場1樓1025A號舖電話：(852) 2189 5588圖文傳真：(852) 3194 3829

Lai Chi Kok BranchShop G06, G/F, Cheung Sha Wan Plaza,833 Cheung Sha Wan Road, Lai Chi Kok, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2785 5566

Mei Foo BranchShop N95A, 1/F, Mount Sterling Mall, Mei Foo Sun Chuen, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2307 1811

Ho Man Tin BranchG/F, Tsan Yung Mansion, No. 70 Waterloo Road,Ho Man Tin, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2769 7083

Oi Man BranchShop F18 & F19, Oi Man Plaza,Oi Man Estate, Homantin, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2760 4309

Hung Hom BranchShop 2A, G/F, Hung Hom Shopping Mall,2-34E Tak Man Street, Hung Hom, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2365 2182

Mok Cheong Street Branch12-14 Mok Cheong Street, Tokwawan, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2761 0935

Wong Tai Sin BranchShop 128, Level 1, Wong Tai Sin Plaza,103 Ching Tak Street, Wong Tai Sin, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2267 7782

Telford BranchShop Units P19-P20, Telford Plaza, Kowloon Bay, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2797 8984

Kwun Tong BranchShop 5 & 6, 1/F, Crocodile Center, 79 Hoi Yuen Road,Kwun Tong, KowloonTelephone: (852) 2189 5588Facsimile: (852) 2357 5825

BRANCHES – NEW TERRITORIES

Tseung Kwan O BranchShop 1025A, Level 1, Metro City Plaza II,8 Yan King Road, Tseung Kwan O, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 3194 3829

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將軍澳個人理財中心（不設櫃檯服務）新界將軍澳欣景路8號新都城中心2期商場1樓1025B號舖電話：(852) 2189 5588圖文傳真：(852) 3194 3829

葵芳分行新界葵芳葵涌廣場2字樓C63A-C66號舖電話：(852) 2189 5588圖文傳真：(852) 2480 0210

葵涌分行新界葵涌和宜合道63號麗晶中心A座G02電話：(852) 2189 5588圖文傳真：(852) 2420 9883

荃灣青山公路分行新界荃灣青山道423-427號地下電話：(852) 2189 5588圖文傳真：(852) 2412 1080

沙咀道分行新界荃灣沙咀道297-313號眾安大廈地下4號舖電話：(852) 2189 5588圖文傳真：(852) 2439 0076

沙咀道個人理財中心（不設櫃檯服務）新界荃灣沙咀道315-323號廣益大廈地下4號舖電話：(852) 2189 5588圖文傳真：(852) 2455 3592

屯門分行新界屯門天后路18號南豐工業城中央服務大樓217號A-F電話：(852) 2189 5588圖文傳真：(852) 2466 6245

仁政街分行新界屯門仁政街11號屯門中心大廈地下4-5號地舖電話：(852) 2189 5588圖文傳真：(852) 2427 2117

大興分行新界屯門大興邨商場21-23號舖電話：(852) 2189 5588圖文傳真：(852) 2456 3200

元朗分行新界元朗青山道197-199號地下電話：(852) 2189 5588圖文傳真：(852) 2442 5448

教育路個人理財中心（不設櫃檯服務）新界元朗教育路21號英暢大廈地下3-4號舖電話: (852) 2189 5588圖文傳真: (852) 2613 5099

Tseung Kwan O Personal Banking Centre (No teller service)Shop 1025B, Level 1, Metro City Plaza II,8 Yan King Road, Tseung Kwan O, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 3194 3829

Kwai Fong BranchC63A-C66, 2/F, Kwai Chung Plaza, Kwai Fong, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2480 0210

Kwai Chung BranchUnit G02, Tower A, Regent Centre, 63 Wo Yi Hop Road,Kwai Chung, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2420 9883

Tsuen Wan Castle Peak Road BranchG/F, 423-427 Castle Peak Road, Tsuen Wan, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2412 1080

Sha Tsui Road BranchShop 4, G/F, Chung On Building, 297-313 Sha Tsui Road,Tsuen Wan, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2439 0076

Sha Tsui Road Personal Banking Centre (No teller service)Shop 4, G/F, Kwong Yick Building, 315-323 Sha Tsui Road,Tsuen Wan, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2455 3592

Tuen Mun Branch217 A-F Central Services Building, Nan Fung Industrial City,18 Tin Hau Road, Tuen Mun, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2466 6245

Yan Ching Street BranchShops 4-5, G/F, Tuen Mun Centre,11 Yan Ching Street, Tuen Mun, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2427 2117

Tai Hing BranchShop 21-23 Tai Hing Commercial Complex, Tai Hing Estate,Tuen Mun, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2456 3200

Yuen Long BranchG/F, 197-199 Castle Peak Road, Yuen Long,New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2442 5448

Kau Yuk Road Personal Banking Centre (No teller service)Shop 3-4, G/F, Ying Cheong Building, 21 Kau Yuk Road,Yuen Long, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2613 5099

312



Tai Wai BranchShop No. 5, G/F, Kam Shan Building, Tai Wai Road,Tai Wai, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2405 6669

Shatin BranchShop 22J, Level 3, Shatin Centre, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2695 7399

Shatin Personal Banking Centre (No teller service)Shop No.185, Level 3, Shatin Lucky Plaza, Shatin, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2772 2560

Tai Po BranchShop F, G/F, Mee Fat Building, No. 34-38 Tai Wing Lane,Tai Po, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2638 8738

Tai Wo BranchShop 216, 2/F, Tai Wo Plaza, Tai Wo Estate,Tai Po, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2650 2982

Sheung Shui BranchShop 2, G/F, San Fung Building, No.33 San Fung Avenue,Shek Wu Hui, Sheung Shui, New TerritoriesTelephone: (852) 2189 5588Facsimile: (852) 2639 0500

OVERSEAS BRANCH

Cayman Islands BranchP.O. 1353Harbour Place5th Floor103 Church StreetGeorge TownGrand Cayman KY1-1108Cayman Islands

SUBSIDIARIES

Chinese Mercantile BankICBC (Asia) Bullion Company LimitedICBC (Asia) Futures Company LimitedICBC Asset Management (Global) Company LimitedICBC (Asia) Nominee LimitedICBC (Asia) Securities LimitedICBC (Asia) Trustee Company LimitedICBC (Asia) Financial Services Company Limited

(Formerly known as “ICBC (Asia) Wa Pei Nominees Limited” (with effect from 4 February 2019))

ICBCA (C.I.) LimitedUB China Business Management Co. Ltd.

(Dissolved on 26 February 2019)工銀亞投股權投資管理（深圳）有限公司SINO-CEEF Holding Company Limited

ASSOCIATED COMPANIES

IEC Investments LimitedSINO-CEEF Capital Management Company Limited

大圍分行新界大圍大圍道金山樓地下5號舖電話：(852) 2189 5588圖文傳真：(852) 2405 6669

沙田分行新界沙田中心3樓22J號舖電話：(852) 2189 5588圖文傳真：(852) 2695 7399

沙田個人理財中心（不設櫃檯服務）新界沙田好運中心3樓185號舖電話: (852) 2189 5588圖文傳真: (852) 2772 2560

大埔分行新界大埔大榮里34至38號美發大廈地下F舖電話：(852) 2189 5588圖文傳真：(852) 2638 8738

太和分行新界大埔太和商場2樓216號舖電話：(852) 2189 5588圖文傳真：(852) 2650 2982

上水分行新界上水石湖墟新豐路33號新豐大廈地下2號舖電話：(852) 2189 5588圖文傳真：(852) 2639 0500

海外分行

開曼群島分行P.O. 1353Harbour Place5th Floor103 Church StreetGeorge TownGrand Cayman KY1-1108Cayman Islands

附屬公司

華商銀行工銀亞洲金業有限公司工銀亞洲期貨有限公司工銀資管（全球）有限公司工銀亞洲代理人有限公司工銀亞洲証券有限公司工銀亞洲信託有限公司工銀亞洲金融服務有限公司（前稱「ICBC (Asia) Wa Pei Nominees Limited」（於二零一九年二月四日生效））ICBCA (C.I.) Limited友聯中國業務管理有限公司（於二零一九年二月二十六日解散）工銀亞投股權投資管理（深圳）有限公司中國－中東歐金融控股有限公司

聯營公司

IEC Investments Limited世福資本管理有限公司

中國工商銀行（亞洲）有限公司Industrial and Commercial Bank of China (Asia) Limited

香港中環花園道3號中國工商銀行大廈33樓33/F, ICBC Tower, 3 Garden Road, Central, Hong Kong

電話 Tel (852) 3510 8888

傳真 Fax (852) 2805 1166

www.icbcasia.com

Documents

ANNUAL REPORT 2018 年報...Hong Kong Branch was formally merged with ICBC (Asia). In 2005, ICBC (Asia) acquired Chinese Mercantile Bank which In 2005, ICBC (Asia) acquired Chinese